SOUTHGATE, MICHIGAN - APRIL 24: A BP gas station is seen with a sign displaying gas for $ 0.99 per gallon on April 24, 2020 in Southgate, Michigan. With the demand of oil crashing due to restrictions from coronavirus gas prices across the country have plummeted with some areas seeing prices fall under a dollar a gallon. (Photo by Gregory Shamus/Getty Images)
BreakingBusinessHighlightOil & GasTrending Story

BP records highest profit in last eight years

283

The London based BP oil company has seen its profits surge to the highest in almost a decade, thanks to rising crude and gas prices.

Per Second News reports that BP boosted share buybacks and followed Shell, Exxon Mobil and Chevron in pouring money back to investors after years of paltry returns.

BP will repurchase another $1.5 billion (£1.1 billion) of shares using surplus 2021 cash flow before it announces first-quarter results later this year.

Chief executive Bernard Looney said BP had “strengthened the balance sheet and grown returns” and had “made strong progress in our transformation to an integrated energy company.”

 

Bernard Looney

Adjusted net income was $4.07 billion (£3 billion) for the period, up from $115 million (£85 million) a year earlier and beating the average analyst estimate of $3.87 billion (£2.86 billion). Operating cash flow was $6.12 billion (£4.53 billion), compared with $2.27 billion (£1.68 billion) a year earlier.

The company reported “a significantly lower oil trading result and an average contribution from gas marketing and trading and the impact of higher energy costs.”

The results leave little doubt about the massive gains BP has made since the start of the Covid-19 pandemic. It has paid off more than $8 billion (£5.92 billion) of net debt over the past year and also increased its dividend. The company also pledged to moderately increase investments, albeit from a historically low level.

This year the company’s capital expenditure will be between $14 billion (£10.36 billion) and $15 billion (£11.1 billion), and remain around that range until 2025. Last year the figure was $12.8 billion (£9.47 billion).

Leave a comment

Related Articles

Nigeria’s Adekeye emerges chairperson, APPO Nigeria’s directors training institute

Mrs. Folashade Adekeye has emerged as the Chairperson, Forum of the Directors...

South African police continue senseless killing of Nigerians, another Nigerian pepper-sprayed, wasted

The South African Police continued their senseless killing of Nigerians in that...

Nigeria to stop petrol importation in June – Dangote

The Chairman of the Dangote Group, Alhaji Aliko Dangote, has said that...

NNPC Ltd. partners Nasarawa govt on oil, gas development

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it is...

NCC suspends issuance of virtual operators’ licenses

The Nigerian Communication Commission (NCC) has notified stakeholders in the communications industry...

Tinubu approves N3.3trn to defray power sector debts

Determined to end incessant power outages in the country, President Bola Tinubu...

West Africa must unite to defeat terrorism, human trafficking, says Tinubu

President Bola Tinubu on Thursday received President Bassirou Diomaye Faye of Senegal...

Breaking: Emirates Airlines to resume operations in Nigeria Oct. 1

Emirates Airlines says it plans to resume operations in Nigeria on October...

FG raked in N318.5bn revenue in Q1 of 2024 – Accountant-General

The Federal Government recorded a total revenue inflow of N318.5 billion in...

Senate approves Tinubu’s request of $500m loan for BPE

The Senate has approved President Bola Tinubu’s $500 million loan request to...

Execute only those who steal N1 trillion and above – Sen. Ndume

The Chief Whip of the Senate, Sen. Ali Ndume, has said that...

Amid probe threat: Five commissioners quit Rivers government

Following a threat by Gov. Siminalayi Fubara to probe the administration of...

International Day of Families: “Embracing Diversity, Strengthening Families”

The United Nations (UN) continues to assert that the family constitutes the...

Workout Essentials: What Exercises should you do to tone some parts of your body?

I do know for sure that most of us have a desire...

Printing of N684m new naira notes charge: Court slams fresh N300m bail on Emefiele

An Abuja Federal High Court granted a fresh N300 million bail to...

Again, Emefiele arraigned, faces fresh charge of spending N18.96bln to print N684.5m new naira notes

A former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele,...

Horny secondary school teacher rapes primary school pupil, jailed for life

For raping a seven-year-old primary school pupil, Ojo Ezekiel, a 47-year-old secondary...

Cut down profligacy, wastages to fund free education, varsity dons urge FG

In spite of the economic problems and the huge debt burden that...

Nigerian, Abodunde, who killed wife with skateboard in London bags life sentence

Nigerian Olubunmi Abodunde, who killed his wife,Taiwo with a skateboard and attributed...