BP announced further share buybacks as it reported underlying profits for 2023 of $13.8bn.
Although down by half from the record $27.7bn set in 2022, BP’s earnings were higher than any other year since 2012.
BP made underlying profits of $3bn in the fourth quarter, beating analyst estimates of $2.8bn.
The company announced $1.75bn of share buybacks and outlined a commitment to buyback $3.5bn of its shares in the first half of 2024 and at least $14bn in stock over 2024 and 2025. BP, like most of its rivals, has used bumper profits from the past two years to embark on a huge share repurchasing scheme.
The results are the first since former chief financial officer Murray Auchincloss was confirmed as BP’s permanent chief executive in January, four months after former boss Bernard Looney resigned for failing to fully disclose past relationships with company colleagues.