BP Plc Q4 Underlying Replacement Cost Profit Rises
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.
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