BP Reduce Debt, Increase Buybacks and Dividends in Record Profit Year

British oil major BP PLC reported better than expected fourth quarter earnings Tuesday with net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. The energy giant BP profit doubled in 2022 and announced a further $2.75 billion share buyback and boosted its dividend by 10% to 6.61 cents per ordinary share. BP’s record annual profits follow massive earnings from fellow energy giants Shell, Exxon Mobil and Chevron from soaring oil and natural gas prices. These prices have … Continue reading “BP Reduce Debt, Increase Buybacks and Dividends in Record Profit Year”

BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production

British oil major BP PLC reported better than expected third quarter earnings Tuesday. $BP net income was $8.2bn, up from $3.3bn a year earlier and higher than $6.1 billion average forecasts and $3.3 billion in the year-ago period. BP described “exceptional” profits from its gas trading and low-carbon energy division bringing in $6.2bn, up from $3bn in the second quarter. BP shares have risen more than 45 per cent this year. BP will buy back a further $2.5bn in shares … Continue reading “BP Posts Huge Natural Gas Trading Profit, to Increase US Oil and Gas Production”

Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP net income was $8.45bn (£6.9bn), higher than $6.8 billion average forecasts and $2.8 billion in the year-ago period. BP’s profits were the second highest for the second quarter in the firm’s history. Shares in BP rose 3.7% in morning trading in London. The report follows other energy giants reporting massive profits this quarter, Energy giant ExxonMobil, the largest U.S. oil company, reported its second-quarter profit rose … Continue reading “Highest BP Profit in 14 Years on Higher Refinery Margins and Oil Trading”

BP Raises Dividend and Buybacks After Higher Commodity Prices Boost Profits

British oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP approved a dividend hike of 4% & plans to buy back $1.4 billion worth of shares. Higher profit margins at convenience stores in BP’s petrol stations boosted results.

UK Affirmed AA by Fitch, Off Ratings Watch Negative, Brexit Deal Expected

Rating agency Fitch affirmed UK at ‘AA’ and removed them from Rating Watch Negative (RWN). The Outlook is Negative. Forecast highly likely UK leaves EU with an agreement on Jan 31 2020. Uncertainty regarding future of UK and EU relations for some time.

BP Beat Earnings On Higher Oil Prices, Sees Lower Refining Margins

British Oil major BP PLC reported better than expected second quarter earnings Tuesday. $BP have been continuing it’s share buy back program. $BP reports ahead of fellow majors $XOM, $CVX and RDSA earnings, $COP  and $TOT reported last week.