BP earns $3 billion at the end of last year but saw its annual profit fall by half from 2022

By COURTNEY BONNELL
AP Business Writer

LONDON (AP) — Oil and natural gas giant BP has beat expectations with earnings of $3 billion in the last three months of 2023. London-based BP reported Tuesday that its underlying replacement cost profit is down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, halving the $27.7 billion it earned in 2022, when Russia’s war in Ukraine sent oil and natural gas prices surging. Those prices drove inflation and contributed to a cost-of-living crisis, drawing outrage from consumers facing higher utility bills while energy companies saw explosive growth in their bottom lines. BP kept its dividend steady and said it would buy back $1.75 billion in shares.