LONDON (Reuters) – BP on Tuesday reported a 65 percent rise in fourth-quarter profit, beating forecasts, as oil and gas output rose sharply following the acquisition of BHP’s U.S. shale assets.

Fourth-quarter underlying replacement cost profit, the company’s definition of net income, reached $3.5 billion, exceeding a company-provided forecast of $2.63 billion.

That compared with a profit of $2.11 billion a year earlierand $3.84 billion in the third quarter of 2018.

For the year, BP’s profit rose to $12.7 billion, double the previous year’s $6.17 billion. Analysts expected 2018 profits of $11.88 billion.