BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Oil giant BP announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine. The company said underlying replacement cost profit for 2023 halved to $13.8bn from $27.6bn a year earlier. Looking ahead, it expects first quarter 2024 reported upstream production to be higher compared to the final three months of the 2023.

Fourth-quarter profits beat estimates, coming in at $3bn, although well down on 2023's $4.8bn.

Reporting by Frank Prenesti for Sharecast.com