BP PLC tripled its annual earnings and swung to a fourth-quarter profit on increased output and higher crude prices, in line with other major oil companies that registered boosts on their balance sheets last year. The U.K. energy company said Tuesday that it recorded a $2.7 billion replacement-cost profit—a measure akin to the net income U.S. oil companies report—for the final quarter of 2018. That compared with a loss of $583 million a year earlier, when BP was hurt by costs tied to the U.S. tax overhaul.

Source: Wall Street Journal February 05, 2019 11:48 UTC