The record profit allowed BP to boost its dividend by 10% to 6.61 cents per share, after halving it in the wake of the COVID-19 pandemic
on Tuesday reported a record profit of $28-billion for 2022 while boosting its dividend in a sign of confidence as it sharply raised overall spending plans and scaled back ambitions to reduce oil and gas output by 2030.
But it scaled back plans to cut oil output, now aiming to produce 2 million barrels of oil equivalent per day by 2030, down just 25 per cent from 2019 levels compared with previous plans for a 40 per cent cut. The results were impacted by weaker gas trading activity after an “exceptional” third quarter, higher refinery maintenance and lower oil and gas prices.
Transition businesses, such as renewables and electric vehicle charging, account for around 30 per cent of the current budget compared with 3 per cent in 2019. Looney said BP’s wind and solar production will focus more on providing renewable power to generate biofuels and low-carbon hydrogen, doubling down, particularly in the United States where the landmark Inflation Reduction Act offers investment credits and tax cuts.
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