BP boosted its share buyback programme after net profit soared to its highest in more than a decade on strong oil and gas trading results, as the energy company took a $24 billion charge after exiting its operations in Russia.
Soaring oil and gas prices in the wake of the Russian invasion of Ukraine on Feb. 24 easily offset losses BP incurred from abruptly abandoning its shareholdings in Russia, including its 19.75% stake in oil giant Rosneft.
The non-cash writedown of its stakes in Rosneft and two other joint ventures pushed BP into a headline loss of $20.4 billion in the quarter. The charge was slightly lower than BP’s initial estimates of $25 billion.
