British Petroleum (BP) reported its highest net profit in eight years supported by soaring oil prices.
The British energy giant posted a net profit of $12.8 billion U.S. for 2021. That compared with a net loss of $5.7 billion U.S. the previous year. Analysts polled by Refinitiv had expected full-year net profit of $12.5 billion U.S.
BP also posted fourth-quarter net profit of $4.1 billion U.S., beating analyst expectations of $3.9 billion U.S. BP said it intends to deliver a further $1.5 billion U.S. in share buybacks and maintained its annual dividend at 5.46 cents per share.
BP net debt was reduced to $30.6 billion U.S. by the end of 2021, down from $38.9 billion U.S. when compared to year-end 2020.
Shares of BP rose 0.8% during trading in London, England. The firm’s stock price is up over 23% year to date.
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 record revenues and profits.
In the U.S., oil giants Chevron (CVX) and Exxon Mobil (XOM) reported net profits of $15.6 billion U.S. and $23 billion U.S., respectively.
Global oil demand roared back in 2021, with gasoline and diesel use surging as consumers resumed travel and business activity recovered from their pandemic lows.
Related Stories
