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BP PLC on Tuesday said underlying replacement profit more than doubled in 2022 and was hight in the fourth quarter, in line with increasing natural gas and oil sales from rising prices.
The London-based oil major said 2022 underlying replacement cost profit was $27.65 billion, multiplying from $12.82 billion in 2021, or to $46.04 billion from $22.34 billion before interest and tax.
This was underpinned by rising underlying pretax RC profit in gas and low carbon energy to $16.06 billion from $7.53 billion, and to $20.22 billion from $10.29 billion in oil productions and operations.
In the three months that ended December 31, underlying pretax RC profit was up 32% $9.32 billion from $7.05 billion a year earlier; for gas and lower carbon energy, it rose 43% to $3.15 billion from $2.21 billion; and for oil production and operations, it was up 10 to $4.43 billion from $4.02 billion.
Across the full year, BP’s performance soared, owing to rising natural gas and oil prices across the year.
For all of 2022, sales and other operating revenue was $241.39 billion, up 53% from $157.74 billion in 2021, while pretax profit ticked down to $18.04 billion from $18.08 billion, due to a net impairment and losses on sale of businesses and fixed asset, as well as higher purchases and other expenses.
Looking ahead, BP said it expects oil prices to be supported by recovering demand from China. For gas prices, BP said the outlook depends on the pace of Chinese demand recovery and weather in the Northern Hemisphere
BP also declared a quarterly dividend of 6.61 US cents per share, up 21% from 5.46 cents, taking its 2022 total dividend to 24.082 cents, rising 11% from 21.630 cents.
Shares in BP were up 3.1% to 493.16 pence each in London on Monday morning.
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