BP Posts Record 2022 Earnings, Biggest Profit In 114-Year History

  • BP plc (NYSE: BP) reported record 2022 earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia invaded Ukraine.

  • BBC writes that BP sees the biggest profit in its 114-year history.

  • The company’s underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier.

  • For Q4 FY22, the profit almost halved from 8.2 billion to $4.8 billion in Q3 FY22, but up 18% Y/Y.

  • BP increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.

  • The enormous annual profit led to renewed calls for a toughened windfall tax, as oil companies reap the rewards from higher gas prices, while many households and businesses struggle to cope with a sharp rise in energy bills.

  • Related: Exxon Mobil Sues European Union In Efforts To Scrap New Windfall Tax On Oil Firms.

  • Exxon Mobil Corporation (NYSE: XOM) posted record earnings of $55.7 billion last week.

  • BP’s average realization for liquids stood at $80.44/barrel, down from $92.44 in Q3 but higher than $71.12 a year ago.

  • Natural gas price reached $9.59/mcf compared to $10.41 in Q3 FY22 and $7.38 in Q4 FY21.

  • BP said fourth-quarter net debt was reduced to $21.4 billion, down from $30.6 billion compared to the year earlier.

  • Price Action: BP shares are up 3.33% at $36.00 during the premarket session on the last check Tuesday.

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Source: https://finance.yahoo.com/news/bp-posts-record-2022-earnings-103751951.html