(RTTNews) - BP plc (BP.L, BP_UN.TO, BP) reported that its fourth quarter underlying replacement cost profit increased to $4.81 billion from $4.07 billion, prior year. Underlying RC profit per ADS was $1.59 compared to $1.23.
Profit attributable to shareholders increased to $10.80 billion from $2.33 billion, last year. Profit per ADS was $3.50 compared to $0.70.
Fourth quarter sales and other operating revenues increased to $69.26 billion from $50.55 billion. Total revenues and other income increased to $70.36 billion from $52.24 billion.
Fiscal 2022 underlying replacement cost profit increased to $27.65 billion from $12.82 billion. Underlying RC profit per ADS was $8.74 compared to $3.82.
Fiscal 2022 sales and other operating revenues increased to $241.39 billion from $157.74 billion. Total revenues and other income was $248.89 billion compared to $164.20 billion.
For the fourth quarter, bp has announced a dividend per ordinary share of 6.610 cents, an increase of around 10%.
For 2023, bp expects capital expenditure of $16-18 billion and for 2024-30 now expects capital expenditure in a range of $14-18 billion including inorganic capital expenditure. For 2023, bp remains committed to using 60% of surplus cash flow for share buybacks.
bp expects to be able to deliver share buybacks of around $4.0 billion per annum, at the lower end of its capital expenditure range, and have capacity for an annual increase in the dividend per ordinary share of around 4%.
At the end of the fourth quarter, net debt was $21.4 billion, compared with $30.6 billion at the end of the fourth quarter 2021.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
