Underlying replacement cost profit was $6.2 billion for the full year of 2017 and $2.1 billion for the fourth quarter, compared with $2.6 billion and $400 million for the full year and fourth quarter of 2016 respectively.
The news comes one week after Anglo-Dutch rival Royal Dutch Shell announced an annual profit of $13 billion, also energised by rising oil and gas prices. The company will launch another 5 projects this year, including Egypt, Azerbaijan and the British North Sea, which will help boost its yield by 800,000 barrels per day by 2020.
BP is the latest oil major to benefit from climbing prices, with Tuesday's results marking one of the strongest years in the company's recent history.
The London-listed company saw one of the strongest output increases in its history previous year, lifting production to levels not seen since the 2010 Deepwater Horizon spill.
BP opened seven new oil and gas fields during 2017 and its oil production rose 12% to 247 million barrels of oil per day.
"We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12 percent, and our finances rebalanced", Bob Dudley was quoted as saying in a press release. "And we did all this while maintaining safe and reliable operations", the CEO said.
For the full year, production costs fell 16 percent to $7.11 per barrel.
BP Plc (LON:BP) has boasted of "strong delivery and growth" in the fourth quarter of 2017, highlighted by improved upstream production and underlying profit, meanwhile, a further US$1.7bn charge associated with the Gulf of Mexico meant the group reported only a small profit.
The company is not the only oil giant to defy analysts' expectations.
BP took a one-off charge of $900 million in the fourth quarter of 2017 to adjust to new USA tax rules, though it expects a long-term boost from the corporate-friendly rates.
Performance, meanwhile, spilled over to shareholders in the form of a 10 cent quarterly dividend, payable March 29.
BP would generate profit in 2018 at an oil price of $50 a barrel, chief financial officer Brian Gilvary said, as years of spending cuts kicked in and as it slowly shakes off a $65bn bill for penalties and clean-up costs of the 2010 spill.
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