BP earnings Q4 and FY 2022


‘A good set of results’: BP CEO reflects on record 2022 earnings after fossil fuel prices surge

Oil major BP on Tuesday reported record annual profits, more than doubling last year’s total as fossil fuel prices soared following Russia’s full-scale invasion of Ukraine.

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. That compared with $12.8 billion for the previous year.

Analysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008.

For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion.

BP announced a further $2.75 billion share buyback, which it expects…

Source cnbc.com

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