BP beats forecast with $3 billion quarterly profit, boosts buybacks
BP posted forecast-beating earnings of $3 billion in the fourth quarter while boosting share repurchases and vowing to make pragmatic investments, as its recently appointed CEO sought to allay investor concern over its energy transition strategy.
The company’s shares were around 5% higher by 10:20 GMT on Tuesday following the unexpected acceleration of the buyback programme.
The quarterly results, lifted by strong gas trading, took the energy giant’s 2023 profit to $13.8 billion, although that was half that of a year earlier as oil and gas prices cooled and refining profit margins weakened.
