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Oil & Gas Technical Compendium

BP reveals profitability of its oil trading activities

BP offered a glimpse of the profitability of its huge and secretive trading arm, suggesting it makes annual returns of as much as $2.5 billion.The revelation, which came during presentations this week about the company’s clean-energy plans, follows the emergence of trading in the first half of the year as one of the few bright spots for BP and its peers. The operations brought a torrent of cash that partly offset the impact of the coronavirus crisis on oil prices and energy demand.BP’s in-house trading business has a “long track record” of boosting the company’s return on average capital employed by “close to” 2 percentage points, according to Chief Executive Officer Bernard Looney.Unlike the closely guarded trading profit, the company does.....

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