BP performs better than expected and increases share buyback
The oil company could not match the level from the same quarter last year, but continues to beat analysts’ expectations.
by MARKETWIRE
Oil giant BP performed better than expected in the fourth quarter of last year. Net profit totaled USD 2.99bn against expectations of USD 2.76bn. This was, however, a decline of 38% compared to the corresponding quarter in 2022.
The stock is up 5.4% at the market opening.
Ordinary operating profit came in at USD 6.13bn against expectations of USD 5.87bn, a drop of 34% from the equivalent quarter in 2022.
Along with the results, the oil major announced that it will repurchase USD 1.75bn worth of shares in each of the first two quarters of this year. In Q4 of last year, ”only” USD 1.5bn worth of shares were bought back. Overall, BP plans to buy back shares for a total of USD 14bn until the end of 2025.
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