BP reports $3 billion net profit in Q4 2023
by ChemOrbis Editorial Team - content@chemorbis.com
British energy giant BP reported a net profit of $3 billion for the fourth quarter of 2023, down from $3.3 billion in the previous quarter. Meanwhile, the company’s net profit for the full year 2023 was $13.8 billion.
The results for the fourth quarter were above analysts’ expectations, following the previous two quarters, which missed forecasts. The company attributed the improved results to stronger gas trading and higher oil and gas prices. Nonetheless, these factors were counteracted by significantly lower refining margins.
Meanwhile, the company’s net debt was reduced by $1.4 billion to $20.9 billion, the lowest figure in a decade.
The results for the fourth quarter were above analysts’ expectations, following the previous two quarters, which missed forecasts. The company attributed the improved results to stronger gas trading and higher oil and gas prices. Nonetheless, these factors were counteracted by significantly lower refining margins.
Meanwhile, the company’s net debt was reduced by $1.4 billion to $20.9 billion, the lowest figure in a decade.
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