The Strategist

BP ends year with record profits

02/08/2023 - 06:59

For 2022, the UK oil and gas firm BP recorded record earnings. Underlying replacement cost profit for the business, which is a metric similar to net income, was $27.7 billion, an increase of 116% from 2021.

Mike Mozart
Mike Mozart
For BP and other oil and gas firms, last year was an overachievement as rising global oil prices increased revenues greatly.

The increase in revenue was sufficient to offset a $25.5 billion write-off made in the previous year following the company's announcement that it was ending its joint venture with Russian Rosneft and all Russian projects.

In light of such a prosperous year, BP declared it will increase its dividend by 10%, to $6 per share, and repurchase $2.75 billion worth of shares over the following three months.



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