HomeIndustriesBP Announces Record Profit in 2022

BP Announces Record Profit in 2022

BP reported on Tuesday that it hit a record profit of $28 billion for 2022, thereby exceeding the previous record profit of $26 billion in 2008. Shares in the company gained 5% on Tuesday morning following the announcement.

In addition to increasing its annual profit, BP was able to boost its dividend by 10% to 6.61 cents per share. This comes as the company plans to repurchase $2.75 billion worth of shares over the next three months.

While the surge in energy prices following Russia’s invasion of Ukraine largely drove BP’s profits, the oil major has also been in the process of shifting toward renewables and low-carbon energy, with the company planning to increase annual spending on such activities by $1 billion. The focus of this investment would be the development of low-carbon biofuels and hydrogen.

Up until 2030, BP is planning to divide its spending equally between its conventional oil and gas business and its renewable energy transition. The company is set to have a particular focus on providing low-carbon and renewable power in the United States, where it would be eligible to receive investment credits and tax cuts due to the Inflation Reduction Act.

Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025

Warren Buffett is ready to step down as the CEO of multinational conglomerate Berkshire Hathaway. Buffet announced his decision while speaking at the company’s...

Microsoft Stock Soars on Better-Than-Expected Q3 Earnings

Microsoft reported better-than-expected third-quarter earnings on Wednesday, which caused the company's stock to soar by more than 8% in after-hours trading. Microsoft reported $3.46 in...

Gold Continues to Drop From Record Highs, Dollar Ends Its Slide

After reaching fresh record highs at the beginning of last week, gold has been in the midst of a continuous drop. Meanwhile, the U.S....