BP reported a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength
reported on Tuesday a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia's invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market's continued strength.
BP's fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts.The results were impacted by weaker gas trading activity after an "exceptional" third quarter, higher refinery maintenance and lower oil and gas prices.
"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 eleventh quarter in a row," Chief Executive Bernard Looney said in a statement.
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