BP declared a strong finish to 2011 and has announced the sale of its global non-refinery LPG and US gas processing operations.
Gas drilling on a BP rig Image:BP |
The UK-based company showed a 38% improvement in net income for Q4 last year at almost $7.7bn against nearly $5.6bn for the same period in 2010. Although exploration and production earnings slipped in the final quarter, the division improved by almost a$5bn for the year to finish at $35bn.
Overall annual revenues increased significantly, finishing at just under $387bn, around $48bn better than 2010, helped by a 14% improvement in the final Quarter at $96.3bn.
The oil major also announced the sale of two major gas-related assets. The first is the disposal of its LPG bottle and tank filling operations following a review of its LPG protfolio last year. Deciding it did not fit with its core business, BP will dispose of its non refinery-integrated wholesale business. The operations are predominantly based in Europe - where it will retain its autogas business - as well as assets in China and South Africa.
The company also revealed the sale of its Kansas-based Jayhawk gas processing plant and production fields with a price ticket of $1.2bn. The purchaser is a LINN Energy affiliate, which will pick up some 2,400 wells in the Hugoton natural gas field, plus the 450m ft³ per day capacity plant and around 120 employees.