Benzinga -
- BP plc (NYSE: BP) reported record 2022 earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia invaded Ukraine.
- BBC writes that BP sees the biggest profit in its 114-year history.
- The company's underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier.
- For Q4 FY22, the profit almost halved from 8.2 billion to $4.8 billion in Q3 FY22, but up 18% Y/Y.
- BP increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.
- The enormous annual profit led to renewed calls for a toughened windfall tax, as oil companies reap the rewards from higher gas prices, while many households and businesses struggle to cope with a sharp rise in energy bills.
- Related: Exxon Mobil Sues European Union In Efforts To Scrap New Windfall Tax On Oil Firms.
- Exxon Mobil Corporation (NYSE: XOM) posted record earnings of $55.7 billion last week.
- BP's average realization for liquids stood at $80.44/barrel, down from $92.44 in Q3 but higher than $71.12 a year ago.
- Natural gas price reached $9.59/mcf compared to $10.41 in Q3 FY22 and $7.38 in Q4 FY21.
- BP said fourth-quarter net debt was reduced to $21.4 billion, down from $30.6 billion compared to the year earlier.
- Price Action: BP shares are up 3.33% at $36.00 during the premarket session on the last check Tuesday.