BP 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 but scaled back ambitions to reduce oil and gas output by 2030.
While many investors backed Looney's strategy, BP's shares have been the worst performers among top Western energy companies since he took office, remaining largely flat compared with a 17% gain for Shell and a nearly 80% gain in Exxon shares.
The company also announced plans to repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022.BP reiterated plans to divide its spending over the period equally on the oil and gas business and its energy transition businesses, upping the total budget to up to $18 billion from a previously guided upper range of $16 billion.
BP said it expects returns of upwards of 15% from its bioenergy business and its combined electric vehicle charging and convenience store businesses, while looking for double-digit returns on hydrogen and 6-8% on renewables, excluding the effect of debt.
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