Rolling coverage of the latest economic and financial news, as BP lifts share buybacks despite profits halving in 2023
BP has a ricky balancing act ahead, says John Moore, senior investment manager at RBC Brewin Dolphin:
BP has beaten expectations for the final quarter of 2023, but fallen slightly short for the year. The company went through a significant amount of change last year and this, combined with a declining oil price, has had an impact on overall performance.
Nevertheless, BP is still in resilient shape – surplus cashflow remains positive, net debt has fallen, and the management team’s optimism can be seen in the 10% increase in dividend distributions. Questions have been raised over its future direction and BP will need to strike a tricky balance of continuing to invest in its core energy business to deliver returns in the short term, while maintaining its long-term transformation.”
Continue reading…Rolling coverage of the latest economic and financial news, as BP lifts share buybacks despite profits halving in 2023BP has a ricky balancing act ahead, says John Moore, senior investment manager at RBC Brewin Dolphin:BP has beaten expectations for the final quarter of 2023, but fallen slightly short for the year. The company went through a significant amount of change last year and this, combined with a declining oil price, has had an impact on overall performance.Nevertheless, BP is still in resilient shape – surplus cashflow remains positive, net debt has fallen, and the management team’s optimism can be seen in the 10% increase in dividend distributions. Questions have been raised over its future direction and BP will need to strike a tricky balance of continuing to invest in its core energy business to deliver returns in the short term, while maintaining its long-term transformation.” Continue reading…
