BP shares posted their biggest rise in a year on Tuesday after the oil company pledged to increase its returns to shareholders, despite reporting a sharp drop in its profits, while doubling down on its green transition plans. Shares in BP surged 7% on Tuesday, marking the sharpest increase in the oil company’s stock price since last February, as the British oil major hiked its dividend and vowed to buy back more of its shares.
BP
BP,
+5.45%
BP,
-1.15%
shares have increased 2% in the year so far having made gains of less than 1% over the past 12 months. The FTSE 100 company beat analysts’ expectations, as it reported a less-than-expected 38% drop in its underlying replacement cost profit to $2.99 billion, topping estimates of $2.77 billion, as lower oil and gas prices led to a dip in the company’s favored profit metric compared to 2022. The London headquartered firm also vowed to push forward with plans to transform itself into a clean energy player. New CEO Murray Auchinloss said BP’s “destination remains unchanged,” as he vowed to push ahead with efforts to turn BP from an international oil company into an international energy company, with a view to boosting “long term value for shareholders.” Bernard Looney, who took control of BP in February 2020 in succeeding former CEO Bob Dudley, led the oil major’s ambitious plans to …
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BP
BP,
+5.45%
BP,
-1.15%
shares have increased 2% in the year so far having made gains of less than 1% over the past 12 months. The FTSE 100 company beat analysts’ expectations, as it reported a less-than-expected 38% drop in its underlying replacement cost profit to $2.99 billion, topping estimates of $2.77 billion, as lower oil and gas prices led to a dip in the company’s favored profit metric compared to 2022. The London headquartered firm also vowed to push forward with plans to transform itself into a clean energy player. New CEO Murray Auchinloss said BP’s “destination remains unchanged,” as he vowed to push ahead with efforts to turn BP from an international oil company into an international energy company, with a view to boosting “long term value for shareholders.” Bernard Looney, who took control of BP in February 2020 in succeeding former CEO Bob Dudley, led the oil major’s ambitious plans to …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]