Oil giant BP reports highest profit in 8 years on soaring commodity prices

15 employees have rated BP Chief Executive Officer Bernard Looney on Glassdoor.com. Bernard Looney has an approval rating of 63% among the company’s employees. This puts Bernard Looney in the bottom 25% of approval ratings compared to other CEOs of publicly-traded companies. Researching stocks has never been so easy or insightful as with the ZER Analyst and Snapshot reports.

“At the same time, we announced that we would increase our investment in oil and gas, and that’s because it’s crucial that we invest in the supply of today’s energy system to meet the demand,” Looney said. The second-quarter result compared with a profit of $4.96 billion recorded in the first three months of the year and with the $8.5 billion logged in the second quarter of 2022. BP also accelerated its carbon emissions reduction plans, now aiming to cut to net zero all greenhouse gas emissions from its operations, production and sales by 2050, catching up with rivals including Shell (SHEL.L) and Norway’s Equinor (EQNR.OL). For the year, BP’s $12.85 billion profit compared with a loss of $5.7 billion in 2020, when it wrote off $6.5 billion from the value of its oil and gas assets following a slump in energy demand.

Since then, BP shares have increased by 9.5% and is now trading at $38.26. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Core Laboratories N.V.’s CLB strong presence in the emerging shale plays and its global footprint will provide for steady growth rates, going forward.

In terms of revenue, it ranks 4th on the list and the company is vertically integrated as well with operations in all segments of the oil and gas sector. Operations are currently underway in 80 countries around the world, the company can produce 3.7 million barrels of oil equivalents per day, and it lays claim to nearly 20 billion barrels in proven reserves. On the retail end of the business, the company operates more than 18,700 fuel stations and its largest segment is in the US. Like Shell, BP has attracted criticism in recent months for watering down its climate commitments.

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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. In its latest annual energy outlook, published on Jan. 30, the company said it sees the share of fossil fuels as a primary energy source falling from 80% in 2019 to between 55% and 20% by 2050. The share of renewables in primary energy, meanwhile, was projected to grow from 10% to between 35% and 65% over the same time period.

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• The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion for 2021.
• The company produces and trades in natural gas and oil liquids, offers biofuels, and operates wind and solar power generating facilities.
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Enter your email address below to receive the DividendStocks.com newsletter, a daily email that contains dividend stock ideas, ex-dividend stocks, and the latest dividend investing news. BP has not confirmed its next earnings publication date, but the company’s estimated earnings date is Tuesday, November 7th, 2023 based off last year’s report dates. District Court Judge Leonard Stark in Wilmington, Delaware, to assist with the sale of the shares of Citgo’s holding company. For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.

BP has not formally confirmed its next earnings publication date, but the company’s estimated earnings date is Tuesday, November 7th, 2023 based off prior year’s report dates. We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. “Oracle Cloud Infrastructure revenue grew 66% in Q1, much faster than our hyperscale cloud infrastructure competitors,” said Oracle CEO, Safra Catz. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors.

BP (BP) Dividend Yield, Date & History

Global oil demand roared back in 2021, with gasoline and diesel use surging as consumers resumed travel and business activity recovered amid the coronavirus pandemic. Indeed, the International Energy Agency has noted mobility indicators remain robust even as Covid-19 is once again causing record infections. Looney said BP intends to accelerate Britain’s energy transition by investing significant amounts into projects such as offshore wind in Scotland and the Irish Sea, and hydrogen and net-zero power in Teesside in northeast England. “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 also posted fourth-quarter net profit of $4.1 billion, beating analyst expectations of $3.9 billion.

Oil major BP on Tuesday reported record annual profits, more than doubling last year’s total as fossil fuel prices soared following Russia’s full-scale invasion of Ukraine. Shareholders of record on Friday, August 11th will be paid a dividend of $0.4362 per share on Friday, difference between shelf prospectus and red herring prospectus September 22nd. This represents a $1.74 annualized dividend and a dividend yield of 4.56%. This is an increase from the stock’s previous quarterly dividend of $0.40. The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock.

In 2020, the company committed to become a net-zero company “by 2050 or sooner,” then said earlier this year that it would scale back plans to cut carbon emissions by reducing its oil and gas output. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry. Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector’s turmoil during the COVID-19 pandemic and following Russia’s invasion of Ukraine. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel.

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The oil and gas exploration company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.17 by $0.28. The firm earned $49.48 billion during the quarter, compared to analyst estimates of $62.24 billion. BP has generated $6.11 earnings per share over the last year ($6.11 diluted earnings per share) and currently has a price-to-earnings ratio of 6.3. Earnings for BP are expected to decrease by -0.55% in the coming year, from $5.44 to $5.41 per share.

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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. Households are facing a record-breaking increase in their energy bills amid a cost of living crisis. In recent quarters, Big Oil executives have sought to defend their rising profits and said the significant disruption to global energy markets due to the war in Ukraine has reaffirmed the importance of solving “the energy trilemma.” “It’s fair to say that following the period covered by these results the oil price has weakened, while BP is also emphasising its investment in renewables and its commitment to changing how the company operates,” Moore said.

NYSE: BPBp PLC Earnings & Revenue

The company expanded into Alaska in 1959 and then accelerated its expansion when it merged with Amoco in 1998. Another merger with Burhman Castrol in 2000 created the company that is traded today. MarketRank is calculated as an average of available category scores, with extra weight given to analysis and valuation.

The oil and gas giant also announced a further $2.5 billion in share buybacks. Stateside, oil giants Chevron and Exxon Mobil reported net profits of $15.6 billion and $23 billion, respectively, a huge upswing compared to the year prior when the coronavirus pandemic hit oil demand. Last week, British oil major Shell reported bumper annual earnings and announced it was “stepping up” its distributions to shareholders. Britain’s energy regulator Ofgem on Thursday announced a whopping 54% increase to its price cap from April.

News updates from September 12: BP CEO Looney to resign, Birkenstock files for Wall Street IPO

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The consensus estimate for EPM’s 2023 and 2024 earnings per share is pegged at $1.16 and $1.08, respectively. Core Labs has witnessed upward earnings estimate revision for 2023 and 2024 in the past 60 days. The consensus estimate for CLB’s 2023 and 2024 earnings per share is pegged at 87 cents and $1.17, respectively.

But in each of BP’s three scenarios, the pace with which renewables enter the global energy system is “quicker than any previous fuel in history,” the report said. For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. BP’s most recent quarterly dividend payment of $0.3966 per share was made to shareholders on Friday, June 23, 2023. BP’s next quarterly dividend payment of $0.4362 per share will be made to shareholders on Friday, September 22, 2023. Enter your email address below to receive our daily newsletter that contains dividend stock ideas, ex-dividend stocks, and the latest dividend investing news.

(0.00%), Citadel Advisors LLC (0.00%), CMT Capital Markets Trading GmbH (0.00%), Russell Investments Group Ltd. (0.06%) and New York State Common Retirement Fund (0.04%). The company is scheduled to release its next quarterly earnings announcement on Tuesday, November 7th 2023. As an investor, you want to buy stocks with the highest probability of success. That means you want to buy stocks with a Zacks Rank #1 or #2, Strong Buy or Buy, which also has a Score of an A or a B in your personal trading style.

The court is expected to approve a sales procedure and schedule, which could see an auction of shares begin as soon as Oct. 23. The refiner’s value was based on Citgo’s earnings of $4 billion before interest, taxes, depreciation and amortization, Ray Schrock, an attorney for a court official, told the court. He said Citgo’s parent was seeking an indemnity bond of that value in a related dispute over the parent’s share certificate.