BP.

0959 GMT - BP PLC is among the most mentioned topics across news items over the past three hours, according to Factiva data, after the energy giant reported a record profit for last year on soaring energy prices, alongside a new $2.75 billion share buyback. The oil-and-gas giant posted a 2022 underlying replacement-cost profit of $27.7 billion, significantly improving over 2021's $12.82 billion and beating its own previous record of $26.2 billion in 2008. It also generated adjusted earnings of $60.75 billion for the year, up from $37.32 billion a year prior. Shareholders will be pleased with the buyback, and BP hiked its dividend to 6.16 cents a share from 6.01 cents in the third quarter. However, the results--much like peer Shell PLC's on Thursday--will likely intensify demand for further windfall taxes, AJ Bell investment director Russ Mould wrote. "The more money companies like BP make, the stronger the calls for them to give some of it back through tax. The answer from the energy companies remains the same--yes, shareholders are getting some of the bounty via dividends, which is the normal course of business, but a lot of the profit is also being reinvested in renewable-energy projects which will benefit people down the line," Mr. Mould said. Dow Jones & Co. owns Factiva. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

February 07, 2023 05:14 ET (10:14 GMT)

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