BP Posts Bumper Profit and New Round of Buybacks

4 months ago 95
PR Distribution

Surging oil and gas prices last year helped BP post its highest profit since 2012, allowing the company to reduce debt and announce more share buybacks.

“Underlying replacement cost profit,” the company’s definition of net earnings, rose to $4.1 billion in the last quarter of 2021, above analysts’ estimates. Profit for the whole year jumped to $12.8 billion after a $5.7 billion loss the year before, the group said.

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