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BP posts yearly earnings of $12.7B

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British oil giant BP reported yearly earnings of $12.7 billion, which was roughly double the previous year.

It also beat expectations of $11.9 billion for 2018.

"We've doubled our earnings from last year (and) we've doubled our returns from last year — that's what shareholders wanted to see," BP CEO Bob Dudley told CNBC's "Squawk Box Europe" on Tuesday.

Read more from CNBC.

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