British oil company BP reported on Tuesday that it recorded a loss of EUR 2.312 million in 2022, despite a profit of EUR 10.057 million in the last quarter of the year, due to the rise in the price of crude oil.
In a statement sent to the London Stock Exchange on Tuesday, BP (British Petroleum) points out that the losses in 2022 contrast with the profit of $ 7,565 million (7,043 million euros) in the previous year.
Revenues between October and December last year were 364% higher than in the same quarter of 2021.
Underlying profit (company-internal calculation of profit) reached USD 27,653 million (EUR 25,744 million) in 2022, 115.7% more than in 2021.
The oil company managed to reduce its debt to $21,422 million (19,943 million euros) by 2022, a 30% reduction from the previous year, according to a statement from the British company, which said its results in dollars if it is the currency used in the oil markets.
The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to $60,747 million (56,555 million euros), 62% more than last year.
The company points out that it bought back shares worth $3,200 million (2,979 million euros) in the last quarter of 2022, while the effective flow in the last three months was $5,100 million (4,748 million euros).
With reference to 2023, BP plans to allocate 40% of the excess cash to strengthen its balance sheet, keeping a focus on investments and share buybacks.
According to forecasts, BP expects to conduct a share buyback of $4,000 million (3,724 million euros) per year and claims to be able to increase its annual dividend per share (ordinary) by 4%.
BP has announced a dividend of 6,610 cents per share (ordinary) that it expects to pay to shareholders on March 31, with the pound equivalent to be announced on March 14.
The company also indicated that (compared to 2019 levels) it expects carbon emissions from oil and gas production to be reduced by 20% to 30% by 2030.
Source: DN
