A considerable drop in oil prices compared to last year, when they increased in the wake of the Ukraine conflict, is linked to the British company’s earnings dropping by such a large amount.
BP’s performance turned out to be significantly worse than experts surveyed by Refinitiv predicted. They had estimated that this figure for the British business would be $3.5 billion.
Despite this, BP announced it would repurchase $1.5 billion worth of its own shares during the following year, increasing its dividend by 10% to $7.27 per share.
source: ft.com
