BP reported on Tuesday a record profit of $28 billion in 2022, lifted by a surge in energy prices since Russia’s invasion of Ukraine as the company increased its dividend by 10% in a sign of confidence in the market’s continued strength.
BP’s fourth-quarter underlying replacement cost profit, the company’s definition of net income, reached $4.8 billion, compared with forecasts of a $5 billion profit in a company-provided survey of analysts.
That compared with $4 billion a year earlier and $8.2 billion in the third quarter of 2022.
The results were impacted by weaker gas trading activity after an “exceptional” third quarter, higher refinery maintenance and lower oil and gas prices.
