BP Posts Record 2022 Earnings, Biggest Profit In 114-Year History

Only 29 people have added BP to their MarketBeat watchlist in the last 30 days. Only 160 people have searched for BP on MarketBeat in the last 30 days. Short interest in BP has recently increased how to buy shares in the uk by 2.68%, indicating that investor sentiment is decreasing. MarketRank is calculated as an average of available category scores, with extra weight given to analysis and valuation.

The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion for 2021. Analysts polled by Refinitiv had expected full-year net profit of $12.5 billion. BP reported a massive upswing in full-year net profit for 2021, its highest in eight years, supported by soaring commodity prices. Global oil demand roared back last year, with gasoline and diesel use surging as consumers resumed travel and business activity recovered amid the coronavirus pandemic.

Our job is to 'pay our taxes’

A surge in global gas markets through the final months of 2021, coupled with an oil price rally to seven-year highs, has seen the world’s largest fossil fuel giants rake in bumper revenues. U.S. President Joe Biden on Monday called on oil majors to stop „war profiteering” and threatened to pursue higher taxes if industry giants did not work to cut gas prices. That compared with a profit of $6.2 billion in the first three months of the year and $2.8 billion for the second quarter of 2021.

On Friday, February 10th, Murray Auchincloss bought 67 shares of BP stock. The stock was bought at an average price of GBX 546 ($6.65) per share, with a total value of £365.82 ($445.85). A price cap on the most widely used consumer energy tariffs is expected to rise by more than 60% in October due to surging gas prices, taking average household https://day-trading.info/ yearly dual fuel bills to more than £3,200 ($3,845). BP reported its first full-year net loss in a decade in 2020 as the global health crisis took a heavy toll on its business operations, with Looney describing the 12-month period as the „toughest” of his career. Since then, BP shares have increased by 2.6% and is now trading at $35.85.

Sign-up to receive the latest news and ratings for BP and its competitors with MarketBeat’s FREE daily newsletter. The P/E ratio of BP is -55.24, which means that its earnings are negative and its P/E ratio cannot be compared to companies with positive earnings. BP has a short interest ratio („days to cover”) of 1.2, which is generally considered an acceptable ratio of short interest to trading volume. „All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. It comes after a 12 month period which BP has described as „a year like no other” for global energy markets. This included pre-tax charges of $24 billion and $1.5 billion relating to the exit of its Rosneft stake in response to Moscow’s invasion of Ukraine.

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BP Earnings Date and Information

The U.K.-based energy major said it will buy back $1.4 billion of its own shares in the third quarter on the back of a $2.4 billion cash surplus accrued in the first half of the year. It also increased its dividend by 4% to 5.46 cents per share, having halved it to 5.25 cents per share in the second quarter of 2020. It is against this backdrop that anti-poverty campaigners have described the profits of U.K. Oil and gas producers as „obscene,” particularly since a hike in energy bills could make it impossible for anadditional 1.1 million homes to adequately heat themselves. Households are facing a record-breaking increase in their energy bills amid a cost of living crisis. The burning of fossil fuels, such as coal, oil and gas, is the chief driver of the climate crisis.

Lawmakers from across the political spectrum have renewed calls on Prime Minister Boris Johnson’s government to impose a windfall tax on North Sea producers to help fund a national package of support for households. BP said it intends to deliver a further $1.5 billion in share buybacks and maintained its dividend at 5.46 cents per share. „I know I sound like a broken record but that is what we are doing. We are performing and delivering for our shareholders today, while at the same time leaning into the future and transforming the company.” BP announced another $2.5 billion in share repurchases and said net debt had been reduced to $22 billion, down from $22.8 billion in the second quarter. Researching stocks has never been so easy or insightful as with the ZER Analyst and Snapshot reports. BP has not confirmed its next earnings publication date, but the company’s estimated earnings date is Tuesday, May 2nd, 2023 based off last year’s report dates.

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BP’s oil drilling rig Deepwater Horizon, operating in the Macondo Prospect in the Gulf of Mexico, exploded just over 11 years ago on April 20, 2010. It resulted in the death of 11 workers and caused millions of barrels of crude to gush into the Gulf over an 87-day period. „Overall, a very strong quarter for the company,” BP CEO Bernard Looney told CNBC’s „Squawk Box Europe” on Tuesday. One share of BP stock can currently be purchased for approximately $35.85. Earnings for BP are expected to decrease by -2.52% in the coming year, from $6.36 to $6.20 per share.

The once British Petroleum is now “Beyond Petroleum” and focused on a major shift in its business. The company is working hard to move away from non-renewable carbon-based energy and into biofuels, solar, and wind. The company hopes to be net-zero in regard to carbon emissions and production by 2050 or earlier and is well on the way to doing so. Among the many avenues of advance are the build-out of solar and wind farms as well as the expansion of a major EV charging network.

And Chevron have posted third-quarter profits totaling nearly $50 billion. Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better. BP said fourth-quarter net debt was reduced to $21.4 billion, down from $30.6 billion compared to the year earlier. Natural gas price reached $9.59/mcf compared to $10.41 in Q3 FY22 and $7.38 in Q4 FY21. The Zacks Equity Research reports, or ZER for short, are our in-house, independently produced research reports.

The extraordinary scale of the oil and gas industry’s earnings has renewed criticism and sparked calls for higher taxes. BP increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders. The ever popular one-page Snapshot reports are generated for virtually every single Zacks Ranked stock. It’s packed with all of the company’s key stats and salient decision making information. Including the Zacks Rank, Zacks Industry Rank, Style Scores, the Price, Consensus & Surprise chart, graphical estimate analysis and how a stocks stacks up to its peers. For their last quarter, BP reported earnings of $1.59 per share, missing the Zacks Consensus Estimate of $1.65 per share.

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The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. In addition, it produces and refines oil and gas for its downstream operations as well as invests in upstream, downstream, and alternative energy companies including advanced mobility.

Oil and gas majors face the prospect of a possible windfall tax to help fund a national package of support for households over spiraling energy bills. This has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world. The burning of fossil fuels, such as oil and gas, is the chief driver of the climate crisis and researchers have found fossil fuel production remains „dangerously out of sync” with global climate targets.

BP (BP)

„The company has seized the opportunity of a recovery in energy prices to pay down its debts, leaving it well set for the future when conditions might not be so favorable,” he continued. BP said it had generated a surplus cash flow of $1.7 billion in the first quarter after reaching its net debt target a year ahead of schedule. Looking ahead, BP said it intends to resume share buybacks at a cost of around $500 million in the second quarter. Based on earnings estimates, BP will have a dividend payout ratio of 25.32% next year.

• The first-quarter results come as the EU prepares its sixth package of economic sanctions against Russia; the bloc remains split on how to wind down its dependence on Russian energy supplies.
• In the past three months, BP insiders have not sold or bought any company stock.
• The company’s underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier.
• „One is we need more gas, not less gas, and therefore we need to encourage investment into the North Sea and not discourage it. That’s number one,” he said.
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The world’s largest oil and gas companies have shattered profit records in recent months, following a surge in commodity prices prompted by Russia’s invasion of Ukraine. For many fossil fuel firms, the immediate priority appears to be returning cash to shareholders via buyback programs. The world’s largest oil and gas majors have reported bumper earnings in recent months, leading to renewed calls for higher taxes on record oil company profits. The world’s largest oil and gas majors have reported bumper earnings in recent months, benefiting from surging commodity prices following Russia’s invasion of Ukraine.

Households could see their energy bills rise by around £700 ($946) a year, with an estimated 22 million households forecast to see their energy costs increase. „The case for a bigger, bolder windfall tax is now overwhelming,” said Sana Yusuf, energy campaigner at Friends of the Earth. „This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.”

Reported record second-quarter results of $11.5 billion and announced a $6 billion share buyback program, while British Gas owner Centrica reinstated its dividend after a massive increase in first-half profits. BP’s first-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $2.6 billion. That compared with a profit of $115 million in the fourth quarter and $791 million for the first quarter of 2020. Analysts had expected BP to report first-quarter profit of $1.4 billion. The energy major posted full-year underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion.

The Style Scores are a complementary set of indicators to use alongside the Zacks Rank. It allows the user to better focus on the stocks that are the best fit for his or her personal trading style. BP’s earnings are expected to decrease from $6.36 per share to $6.20 per share in the next year, which is a -2.52% change. The Paris-based energy agency tempered its optimism for the year ahead, however, warning that „lingering concerns” persist over the strength of the demand recovery. Oil prices have climbed around 25% since the start of the year, supported by the rollout of Covid vaccines and an improving economic outlook. The Gulf of Mexico payments relate to the worst oil spill in U.S. history.

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