Post by ck4829 on Feb 8, 2022 13:41:09 GMT
LONDON (AP) — BP PLC reported its biggest full-year profit for eight years on Tuesday, its coffers boosted by soaring oil and gas prices that have hiked domestic fuel bills for millions of people.
The British energy giant said its underlying replacement cost profit — the industry standard — was $12.8 billion for 2021, compared with losses of $5.7 billion the previous year. The figure includes a better-than-expected $4.07 billion profit in the final quarter.
The company said it would reward shareholders with a $1.5 billion share-buyback program before its first-quarter 2022 results and a dividend payout of 5.46 cents a share for the fourth quarter.
The British energy giant said its underlying replacement cost profit — the industry standard — was $12.8 billion for 2021, compared with losses of $5.7 billion the previous year. The figure includes a better-than-expected $4.07 billion profit in the final quarter.
The company said it would reward shareholders with a $1.5 billion share-buyback program before its first-quarter 2022 results and a dividend payout of 5.46 cents a share for the fourth quarter.
BP has rebounded from a 2020 slump caused when the coronavirus pandemic shuttered large chunks of the global economy. Oil and gas prices have since surged, with prices driven upward by reopening economies and concern over gas supplies amid tensions over Russia’s military buildup near Ukraine.