The British energy giant posted net profit of $4.96 billion for the first quarter, down 20% year on year as lower oil and gas prices had a negative impact, but it beat Refinitiv’s forecast by $4.3 billion.
And BP had made $4.8 billion in profits in the fourth quarter of last year, and $6.2 billion in the first quarter of 2022.
Shares of the London-listed company are up 12.5% year-to-date.
BP said it would repurchase an additional $1.75 billion in shares over the next three months after buying $2.75 billion in the previous three months.
The company kept the dividend unchanged at 6.61 cents per share, after rising 10% in February.
BP CEO Bernard Looney said performance in the first quarter of this year was “solid”, with the group focusing on “safe and reliable operations”.
The first quarter results come after a year of huge profits for the big oil companies. Major energy companies broke previous annual records last year, benefiting from the sharp rise in oil and gas prices.
And BP recorded annual profits of $27.7 billion last year – more than double the profits recorded in 2021. And thus surpassing the highest annual profit recorded for the company in 2008 at $26.3 billion. dollars.
Yesterday, the “Total Energy” group announced that it recorded a net profit in the first quarter of 2023 amounting to 5.6 billion dollars, up 12%, despite the drop in gas and oil prices.
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