2/7, 8:06 AM (Source: TeleTrader)
more TeleTrader news


Chart for: BP PLC $0.25

BP's net profit hits record $27.7 billion in 2022

Oil supermajor BP plc announced its fourth-quarter earnings results on Tuesday, reporting that its revenue surpassed market estimates by jumping nearly 22% year-on-year to $70.36 billion. The British company posted an adjusted net profit of $4.81 billion for the last trimester of 2022, with the full-year earnings more than doubling to a record $27.7 billion. The adjusted earnings per share arrived at $0.26.

"We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row. Importantly, we are delivering for our shareholders - with buybacks and a growing dividend," CEO Bernard Looney noted.

Commenting on the energy market, BP noted that the prices of oil and gas are expected to remain supported by the recovery of the demand in China.

Baha Breaking News (BBN) / ND