BP to Boost U.S. Investment After Tax Reform

Posted by Joseph Keefe
Tuesday, February 6, 2018
British oil and gas company BP will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said on Tuesday.
"It is important for us, there is no doubt we will increase investments," Dudley, himself a U.S. citizen, said in an analyst call after BP reported a surge in profits in 2017.
BP invested $90 billion in the United States over the past decade, excluding $65 billion in fines and clean up costs over the 2010 Deepwater Horizon disaster, making it the country's biggest investor in the energy sector, Dudley said.
"The regulatory system in the United States is suddenly so much easier. It was becoming an avalanche of regulations in every direction," he said. "From a business community stand point this is quite transformational, there will be a lot of capital attracted to the U.S. because of that."
BP took a one-off charge of $900 million in the fourth quarter of 2017 to adjust to new U.S. tax rules, though it expects a long-term boost from the corporate-friendly rates.

Reporting by Ron Bousso 

Categories: Energy Finance Government Update

Related Stories

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

PTTEP Greenlights $320M Offshore CCS Project at Arthit Gas Field in Thailand

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Current News

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com