Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia’s invasion of Ukraine because of fears over supplies.
While household energy bills have fallen since 2022, they still remain at a high level.
While household energy bills have fallen since 2022, they still remain at a high level.
Previous boss Bernard Looney resigned last September after admitting he had not been “fully transparent” about his past personal relationships at the firm. BP’s board said Mr Looney had committed “serious misconduct”, resulting in him forfeiting up to £32.4m in pay and benefits.
The fall in BP’s profits echo the results from rival Shell, who last week posted profits of $28.2bn, down from $39.9bn in 2022.
Despite the drop, BP’s profits are still – with the exception of last year – the highest seen since 2012.
The company plans to hand back $1.75bn to investors during the first three months of the year through share buybacks. It added that it was committed to $3.5bn of buybacks over the first half of 2024.
BP also said it expected “underlying production from oil production and operations to be higher” this year, but production from gas and low carbon energy to be lower.
While household energy bills have fallen since 2022, they still remain at a high level.
Energy firms reported huge gains when oil and gas prices soared in the aftermath of Russia’s invasion of Ukraine because of fears over supplies.
Previous boss Bernard Looney resigned last September after admitting he had not been “fully transparent” about his past personal relationships at the firm. BP’s board said Mr Looney had committed “serious misconduct”, resulting in him forfeiting up to £32.4m in pay and benefits.
While household energy bills have fallen since 2022, they still remain at a high level.
While household energy bills have fallen since 2022, they still remain at a high level.
Previous boss Bernard Looney resigned last September after admitting he had not been “fully transparent” about his past personal relationships at the firm. BP’s board said Mr Looney had committed “serious misconduct”, resulting in him forfeiting up to £32.4m in pay and benefits.
The fall in BP’s profits echo the results from rival Shell, who last week posted profits of $28.2bn, down from $39.9bn in 2022.
Despite the drop, BP’s profits are still – with the exception of last year – the highest seen since 2012.
The company plans to hand back $1.75bn to investors during the first three months of the year through share buybacks. It added that it was committed to $3.5bn of buybacks over the first half of 2024.
BP also said it expected “underlying production from oil production and operations to be higher” this year, but production from gas and low carbon energy to be lower.
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