British oil major BP has posted an underlying replacement cost profit of $27.65bn for full year 2022, which is more than double compared with $12.8bn from a year ago.
The surge in profit was attributed to a jump in global energy prices after Russia’s invasion of Ukraine.
Go deeper with GlobalData
For the year that ended on 31 December 2022, the company’s total revenues and other income surged to $248.89bn, from $164.19bn a year earlier.
Operating cash flow for the period under review increased to $40.9bn, from $23.6bn in the same period a year ago.
BP CEO Bernard Looney said: “Throughout 2022, BP continued to focus on delivery of our Integrated Energy Company strategy.
“Importantly, we are delivering for our shareholders, with buybacks and a growing dividend. This is exactly what we said we would do and will continue to do, performing while transforming.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBy the end of 31 December 2022, the energy giant had a net debt of $21.42bn while its capital expenditure for the year stood at $16.3bn.
The company announced its plan to increase its quarterly dividend by 10% to 6.61 cents per ordinary share.
Furthermore, the company will buy back shares worth $2.75bn from shareholders.
BP CFO Murray Auchincloss said: “During 2022, BP delivered four quarters of robust underlying financial performance.
“We have raised our dividend by 21% since Q4 2021, reduced net debt by $9.2bn, invested with discipline, and announced $11.25bn of share buybacks.
“As we look to 2023, we remain focused on the disciplined delivery of our financial frame, with its five priorities, underpinned by a $40 per barrel balance point, unchanged.”
