BP (LON:BP) announced soaring profits for the full year 2017, alongside a near 20 percent rise in production after a rise in oil prices.

BP reported fourth quarter underlying replacement cost profit of $2.1 billion, up from $400 million the year before, with production for the quarter up 18.1 percent to 2,581 million barrels per day.

Profit hit $6.2 million, almost three times last year’s figure of $2.6 billion, pushed up by strong earnings in the sector overall and an improvemeent in global oil prices.

Chief executive Bob Dudley hailed it “as one of the strongest years in BP’s recent history”.

“We enter the second year of our five-year plan with real momentum,” Mr Dudley said.

“We are increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond.”

Share in BP sunk on the news, however, trading down 1.43 percent at 465.15 (0828GMT).