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8-year high profit for BP

8-year high profit for BP

The British oil and gas behemoth surprised markets with its latest earnings report

BP (British Petroleum) announced a net profit of $4.1 billion for Q4 2021, topping analysts' expectations of $3.9 billion. For the full year, the company reported a net profit of $12.8 billion, beating estimates of $12.5 billion. The figures came in significantly higher than the net loss of $5.7 billion announced the previous year. The statistics for the full year are the highest in eight years, driven by a jump in commodity prices.

Moreover, BP's net debt fell to $30.6 billion by 2021, down from $38.9 billion reported at the end of 2020.

According to BP CEO Bernard Looney, the company continues its strategy to increase its renewable power capacity 20-fold by 2030 and reduce the oil output by 40%, representing more than 1 million barrels per day. Also, it will increase total spending on low carbon energy - including retail and electric vehicle charging - by 40% until 2025, and by 50% until 2030. By 2025, BP will spend $14-$16 billion per year. By 2030, these businesses are expected to bring in $9-$10 billion in earnings.

BP intends to buyback $1.5 billion worth of shares and to maintain the dividend at 5.46 cents per share.

At the moment of writing, BP's stock price was trading 0.15% higher.

Sources: finance.yahoo.com, reuters.com

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