UK-based energy giant and LNG player BP saw its full-year 2018 profit more than double on the back of rising production. 

Underlying replacement cost profit, the company’s version of net profit, for 2018 reached $12.7 billion, which compares to $6.1 billion in 2017.

BP noted in its report the oil and gas production averaged 3.7 million barrels of oil equivalent per day in 2018, 2.4 percent up compared to the previous year.

Upstream underlying production, which excludes Rosneft, was 8.2 percent higher than in 2017 due to major project ramp-ups and improved plant reliability.

BP’s chief financial officer Brian Gilvary said, “operating cash flow excluding working capital change was up 33 percent for the full year and 17 percent higher than last quarter, including a positive contribution from our new US assets.”

He noted the cash flow growth underpins the balance sheet as BP absorbs the BHP acquisition and set its sights on over $10 billion of divestments over the next two years.

Looking ahead, BP expects its full-year 2019 underlying production to be higher than in 2018 due to major projects.