LONDON (Reuters) - BP (L:BP) on Tuesday reported a surge in fourth-quarter profit, beating analysts' expectations, supported by strong earnings in refining and trading.

BP reported fourth-quarter underlying replacement cost profit, the company's definition of net income, of $2.1 billion (£1.5 billion), exceeding forecasts for $1.9 billion, according to a company-provided survey of analysts.

That compared with a profit of $400 million a year earlierand $1.9 billion in the third quarter of 2017.

On an annual basis, BP's profits soared to $6.2 billion from $2.6 billion in 2016.

 

Full-year production rose to 2.47 million barrels per day (bpd), up some 12 percent from 2016.