For the report in full please click here and to see the previous summary regarding BP annual report 2016 or why not take a look at the latest analysis of BP 2017.
The chairman's as well as the CEO's letter only contained happiness. They claimed that it was an excellent year... well... I say... They are still not up in earnings to cover the dividends that they pay out and without the price increase of oil then I am sure that the letter would not be so joyful.
If we take a look at the financial statement below then we see that the revenue did indeed increase (higher oil price so external effect), we also see that the purchase costs increased substantially so they did not manage to control that better but they did however manage to decrease their production and manufacturing expenses which is good.
Conclusion: The leaders of BP are happy about their accomplishments during 2017. I am less pleased. The chairman of the board will step down sometime during 2018 and we will have to see who takes over. I will remain as a grumpy shareholder.
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