{"id":106211,"title":"BP increases dividends after record profit","publisher":"Share Talk","author":"sharetalk","published":"2023-02-07T08:35:48+00:00","modified":"2023-02-07T08:35:48+00:00","canonical_url":"https://www.share-talk.com/bp-increases-dividends-after-record-profit/","markdown_url":"https://www.share-talk.com/bp-increases-dividends-after-record-profit.md","json_url":"https://www.share-talk.com/bp-increases-dividends-after-record-profit.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Anne-Marie Trevelyan","Bernard Looney","BP","BRITAIN","BRITISH","charging","electric vehicle","emissions","ENERGY","gas","hydrogen","Murray Auchincloss","net-zero","North Sea","oil","Renewables","Share Talk","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"### BP profits surge amid runaway gas prices\n\nLast year, BP saw its profits more than double due to the rise in gas prices resulting from the conflict in Ukraine.\n\nAccording to the company, it will invest $8bn more (£6.6bn each) in energy transition and oil and gas. Bernard Looney, boss of the company, promised to continue affordable energy.\n\nAccording to the business, the underlying replacement cost profit (the most closely followed figure by analysts) reached $27.7bn last year (£23bn).\n\nThis measure was slightly lower than in previous quarters, at $4.8bn (£4bn).\n\nBP stated that the result was affected by its gas marketing unit, which had below-average results following an extraordinary third quarter.\n\nThe huge profit will put BP in the middle of another political fight. Last week, Shell reported its largest profit ever recorded. This has prompted calls for an additional windfall income tax.\n\n### BP reduces climate change pledge\n\nOil giant BP has slashed its ambitions in relation to climate change.\n\nAccording to the business, it anticipates that carbon emissions from its oil and gas production will drop by 20-30% by 2030 compared with 2019. The previous goal was a reduction of 35-40% in carbon emissions.\n\nThe announcement comes after the company stated that it will produce around 2 million barrels per day of oil equivalent by 2030.\n\nThis is 25pc less than in 2019, however, the company had previously planned to reduce production by 40pc.\n\nBernard Looney, chief executive officer, stated:\n\n> To meet our current needs and ensure a smooth transition, we need to continue to invest in the energy system today, which is dependent on oil and gas.\n>\n> Our portfolio includes high-quality options, so we can choose only the best.\n>\n> We will prioritize projects that can be delivered quickly and at a low cost using our existing infrastructure. This will allow us to minimize additional emissions, maximize both value and contribute to energy security and affordability.\n\n### Markets rise after record BP profits\n\nAfter BP’s record-breaking profits and plans to reduce emissions, markets have opened higher.\n\nAfter the opening, the FTSE 100 rose 0.4pc and reached 7,841.43 while the midcap FTSE 250 rose 0.1pc at 20,423.62."}