Bob Dudley hailed 2017 as "one of the strongest years in BP's recent history". Underlying profits more than doubled year-on-year, with strong performance from the upstream and downstream segments. Production (excluding Rosneft) was up 12% year-on-year, while unit capital and operating costs continue to fall. The base production 'decline' rate was +0.6%. And it was a good year for exploration, with resource additions of 1 billion boe (company estimate) making 2017 BP's most successful year with the drill bit since 2004. The financial frame continued to strengthen. Gearing fell q-on-q and remains within BP's target 20-30% range. As promised, BP commenced share buybacks in Q4, fully offsetting the dilution from scrip dividends issued in Q3.