BP plc shares trading higher in Pre-market; Posted 4Q profit $4.1 billion


BP plc shares trading higher in premarket, after the news that the company reported the largest profit in the fourth quarter of 2021, by exceeding analysts’ expectations for a $3.93 billion profit. The company’s net earnings reached $4.1 billion.

Since 2013, the company’s profits hit their highest in eight years in 2021, lifted by rising gas and oil prices, as the company boosted share buyback and also accelerated plans to cut emissions with increased spending on low carbon energy.

BP plc rebound to an annual profit of $12.85 billion after a large loss in 2020, is also likely to add to calls in Britain for higher taxes on energy producers, to help reduce the consumers’ energy bills.

“It’s all about one thing, one thing only – delivering the strategy that we laid out. That’s working,” Chief Executive Bernard Looney told Reuters.

BP plc is a British multinational oil and gas company headquartered in London, England. It is one of the world’s seven oil and gas “supermajors”. It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and extraction, refining, distribution and marketing, power generation, and trading. It also has renewable energy interests in biofuels, wind power, smart grid, and solar technology. As of 31 December 2018, BP had operations in nearly 80 countries worldwide, produced around 3.7 million barrels per day of oil equivalent, and had total proven reserves of 19.945 billion barrels of oil equivalent. The company has around 18,700 service stations worldwide. Its largest division is BP America in the United States. In Russia, BP owns a 19.75% stake in Rosneft, the world’s largest publicly traded oil and gas company by hydrocarbon reserves and production. BP has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Frankfurt Stock Exchange and the New York Stock Exchange. In the 2020 Forbes Global 2000, BP was ranked as the 357th-largest public company in the world. Wikipedia

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