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BP has announced more share buybacks after reporting underlying profits of $13.8bn for last year.
Although down by half from the record of $27.7bn set in 2022, when profits were boosted by high fossil fuel prices, BP’s earnings in 2023 were the second-highest since 2012.
BP made underlying profits of $3bn in the final three months of the year, beating average analyst estimates of $2.8bn.
The company left its dividend unchanged and announced $1.75bn in share buybacks. BP, like most of its rivals, has used bumper profits from the past two years to embark on a huge share repurchasing scheme.
The company outlined a commitment to buy back $3.5bn in shares during the first half of the year and at least $14bn in stock over 2024 and 2025.
The results are the first since former chief financial officer Murray Auchincloss was confirmed as BP’s chief executive in January, four months after his predecessor Bernard Looney resigned for failing to fully disclose past relationships with company colleagues.
