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BP accelerates pace of share buybacks even as full-year profit misses

BP in 2020 set out its ambition to become a net zero company “by 2050 or sooner.”

Matt Cardy | Getty Images News | Getty Images

BP also announced a dividend per ordinary share of 7.27 cents for the final three months of 2023, marking a 10% increase compared to the same period in the previous year.

The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $13.8 billion for 2023, a steep fall from a record $27.7 billion in the previous year. Analysts had anticipated net profit of $13.9 billion for full-year 2023, according to an LSEG-compiled consensus.

BP declared fourth-quarter net profit of nearly $3 billion, beating analyst expectations of $2.6 billion.

As London-listed stock of the oil major soared toward the top of the pan-European Stoxx 600 index on Tuesday morning, analysts at RBC Capital Markets described BP’s commitment to share buybacks beyond…

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