Oil major British Petroleum (BP) is raising its quarterly dividend by 10% after it reported record annual profits due to elevated crude and natural gas prices.
The British energy company posted a profit of $27.7 billion U.S. for 2022, which was more than double the $12.8 billion U.S. profit achieved in 2021.
For the fourth and final quarter of 2022, BP posted a net profit of $4.8 billion U.S., narrowly beating analyst expectations of $4.7 billion U.S.
In releasing its latest earnings, BP announced an additional $2.75 billion U.S. of share buybacks and raised its quarterly dividend payment by 10%.
Previously, BP paid a quarterly dividend to stockholders of $0.36 per share for a yield of 4.14%.
BP added that its fourth-quarter net debt was reduced to $21.4 billion U.S. from $30.6 billion U.S. a year earlier.
BP is the latest oil company to announce record profits after crude oil prices topped $120 U.S. a barrel in 2022. Rival Shell (SHEL) recently announced its highest-ever annual profit of nearly $40 billion U.S.
BP’s stock is up 5% over the last year at $34.84 U.S. per share.
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