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8-year high profit for BP

Miguel A. Rodriguez
Miguel A. Rodriguez
08 Februarie 2022
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.







Miguel A. Rodriguez
Miguel A. Rodriguez

Miguel a lucrat pentru instituții financiare importante, precum Banco Santander și Banco Central-Hispano. De asemenea, a publicat cărți despre Forex.