LONDON: BP’s profit struck the highest in eight years in 2021, was appointed by soaring gas and oil prices, because the company encouraged the repurchase of shares and accelerated plans to reduce emissions with low energy.
BP rebounded to an annual profit of $ 12.85 billion after a large loss in 2020, it would likely add calls in the UK for higher taxes in energy producers to help reduce consumer energy bills.
“It’s all about one thing, just one thing – conveying the strategy we screen.
It works,” said Chief Executive Bernard Looney told Reuters.
The results are supported by higher prices and production of oil and gas, are partly offset by weaker oil trade results and the impact of higher energy costs in operations such as purification, the company said.
The price of natural gas and electricity throughout the world has surged since the middle of last year due to strict gas inventories and higher demand when the economy rebounded from the shutdown pandemic.
, In the fourth quarter of 2021, BP’s underlying replacement cost profit, the definition of the company’s net income, reached $ 4.1 billion, exceeding analyst expectations for profit of $ 3.93 billion.
It was the biggest profit BP recorded since the beginning of 2013.
BP shares rose 0.75% of 1253 GMT, compared with a 0.2% decline in a wider European energy index.
For this year, BP profit is $ 12.85 billion compared to the loss of $ 5.7 billion in 2020, when it wrote the value of oil and gas assets of $ 6.5 billion after the decline in energy demand.
BP debt fell to $ 30.6 billion by the end of last year, down $ 8.3 billion from the previous year.
The company maintained its dividends at 5.46 cents per share and encouraged repurchasing its shares targeting $ 1.5 billion per quarter of $ 1.25 billion.
Capital expenses will grow in 2022 to a range of $ 14 billion to $ 15 billion, up from $ 12.8 billion in 2021.
Last week, Shell increases the purchase of shares and dividends after the fourth quarter earnings reached its peak in eight years, assisted by Strong gas.
trade performance.
Read More Low-Carbon CarbonLooney Displays plans by 2020 to cut Carbon BP emissions in the coming decades by increasing the 20-fold renewable power capacity in 2030 and reducing its output by 40%, or more than 1 million barrels per day.
While maintaining his plan to spend $ 14- $ 16 billion per year up to 2025, in his strategy update on Tuesday BP said it would increase expenditure for low carbon energy, which included refilling retail and electricity vehicles, up to 40% of total expenditure in 2025 and 50 % in 2030.
This business is expected to generate $ 9- $ 10 billion in revenue by 2030, BP said, trying to ease the concerns of investors on the return of low-term carbon business in the long term.
“We did not invest in growth” in oil and gas production, Looney told analysts, even when BP expected fossil fuels to generate annual revenues of $ 33 billion to 2025.
BP also accelerated the planned reduction in carbon emissions, now aim to cut to clean.
Zero all greenhouse gas emissions from operation, production and sales in 2050, catch up with rivals including the Norwegian shell and equoror.
The new target of decarbonization doubling carbon emissions BP needs to be cut or balanced to 2 billion tons, said Looney.
“We accelerate the greening of BP.
Our beliefs grow in the opportunity offered by the energy transition,” said Looney.