BP announced this Tuesday that it had a profit of $8,218 million (7,475 million euros) through March this year, compared to a loss of $20,384 million (18,541 million euros) in the first quarter of 2022.
In a statement, the British oil company explains that its attributable net profit has been impacted by the sale of its stake in Rosneft and exit from the Russian market.
However, BP’s underlying profit adjusted for replacement costs of USD 4,963 million (EUR 4,514 million) in the first quarter of this year fell 20.5% compared to March 2022, due to the fall in oil prices.
In turn, BP’s revenues amounted to USD 56,951 million (51,802 million euros) in the reporting period, 11.2% more than in the first quarter of 2022.
On the other hand, the oil company reports in the statement that it managed to reduce net debt by 22.7% year-on-year to US$21.232 billion (€19.313 billion) in the first quarter of the year, while capital expenditures increased by 23.8% to USD 3,625 million (EUR 3,297 million).
For example, the oil company expects to be able to buy back shares for about USD 4 billion (3,638 million euros) annually, a forecast that is at the lower end of its investment range of USD 14 to USD 18 billion (USD 12,734 to USD 16,373). million euros), with the capacity for an annual increase of the dividend per ordinary share of approximately 4%.
BP Chief Executive Bernard Looney, quoted in the statement, said “this was a quarter of solid performance and strategic results” as the oil company continues to “focus on safe and reliable operations”.
Source: DN
