BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24bn charge after exiting its operations in Russia.
The non-cash writedown of its stakes in Rosneft and two other joint ventures pushed BP into a headline loss of $20.4bn in the quarter. The charge was slightly lower than BP’s initial estimates of $25bn. The exit from Russia and resulting writedown “has not changed our strategy, our financial frame, or our expectations for shareholder distributions”, CEO Bernard Looney said.
The profit was driven by “exceptional” performance of BP’s oil and gas trading division as well as higher oil and gas prices and strong refining margins. The company did not make any money from Rosneft in the quarter.
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