Oil major BP's record annual profits follow bumper earnings from energy giants Shell, Exxon Mobil and Chevron.
BP posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. That compared with $12.8 billion for the previous year.
The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. That compared withAnalysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008.
BP announced a further $2.75 billion share buyback, which it expects to complete prior to announcing its first-quarter 2023 results in early May. It also boosted its dividend by 10% to 6.61 cents per ordinary share.Speaking to CNBC's "Squawk Box Europe" Tuesday, BP CEO Bernard Looney described the earnings as a "good set of results."
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