LogIn LogOut

BP to Boost U.S. Investment After Tax Reform

February 6, 2018

BP CEO Bob Dudley
BP CEO Bob Dudley
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 



Current News

Russia Expecting Oil Output Bump

Russia Expecting Oil Output Bump

VOS Champion Starts New Charter

VOS Champion Starts New Charter

Fugro Completes Deepwater AUV Survey for Shell

Fugro Completes Deepwater AUV Survey for Shell

China to Launch State Pipeline Group

China to Launch State Pipeline Group

Neptune Buys East Sepinggan Stake

Neptune Buys East Sepinggan Stake

EnQuest Awarded Block PM409 PSC

EnQuest Awarded Block PM409 PSC

Tendeka Launches One-trip Remedial System

Tendeka Launches One-trip Remedial System

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