- BP plc BP reported record 2022 earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia invaded Ukraine.
- BBC writes that BP sees the biggest profit in its 114-year history.
- The company’s underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier.
- For Q4 FY22, the profit almost halved from 8.2 billion to $4.8 billion in Q3 FY22, but up 18% Y/Y.
- BP increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.
- The enormous annual profit led to renewed calls for a toughened windfall tax, as oil companies reap the rewards from higher gas prices, while many households and businesses struggle to cope with a sharp rise in energy bills.
- Related: Exxon Mobil Sues European Union In Efforts To Scrap New Windfall Tax On Oil Firms.
- Exxon Mobil Corporation XOM posted record earnings of $55.7 billion last week.
- BP’s average realization for liquids stood at $80.44/barrel, down from $92.44 in Q3 but higher than $71.12 a year ago.
- Natural gas price reached $9.59/mcf compared to $10.41 in Q3 FY22 and $7.38 in Q4 FY21.
- BP said fourth-quarter net debt was reduced to $21.4 billion, down from $30.6 billion compared to the year earlier.
- Price Action: BP shares are up 3.33% at $36.00 during the premarket session on the last check Tuesday.
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