BP announced on Tuesday a net loss of $2.5 billion in 2022, penalized by a significant charge related to its exit from Russian group Rosneft. Despite this, BP’s profit excluding exceptional items more than doubled year-on-year to $27.7 billion, supported by high oil prices and growing demand.
BP invests in low-carbon energy and hydrocarbons
BP plans to increase its profits by 2030 by investing more in low-carbon energy as well as hydrocarbons, which will slow the pace of its energy transition. BP’s release details that the company plans to increase its investments to between $14 billion and $18 billion by 2030, which should increase its operating income by $3 billion in 2025 and $5 billion to $6 billion in 2030, two-thirds of which will come from hydrocarbons.
Oil and gas production reduced by 25% in 2030
As a result of these additional investments, BP expects its oil and gas production in 2030 to reach about 2 million barrels per day, 25% less than in 2019, compared to a previously expected 40% reduction. BP also announced a 10% increase in its fourth quarter dividend and a new $2.75 billion share buyback program. Redistributions to shareholders exceeded $14 billion for 2022.
