British oil giant BP on Tuesday announced plans to boost shareholder returns, even after a sharp drop in full-year profits aligned with lower oil prices.
BP posted underlying replacement cost profit, used as a proxy for net profit, of $13.8 billion for 2023, a steep fall from a record $27.7 billion in the previous year.
BP also announced a dividend per ordinary share of 7.27 cents for the final three months of 2023, marking a 10% increase compared with the same period in the previous year. They added that BP's plan to execute share buybacks of at least $14 billion through 2025, subject to maintaining a strong investment-grade rating, was likely not expected by the market.
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