British oil and gas company BP plc stated on Tuesday that its underlying replacement cost profit, used as a measure of net profit, came in at $2.9 billion in the fourth quarter of the fiscal year, marking a 37% plunge compared to the corresponding quarter a year before. The company's reported loss attributable to shareholders observed for the corresponding period was $371 million, plunging from the recorded profit last year. The net debt was reduced to $20.9 billion at the end of the fourth quarter while announcing a $1.75 billion share buyback before the first quarter of fiscal 2024.
For the whole fiscal 2023, the company's underlying replacement cost profit was $13.8 billion, plunging 49% compared to the fiscal 2022. The reported loss attributable to shareholders observed for the corresponding period was $15.2 billion, plunging from the recorded profit last year.
"Looking back, 2023 was a year of strong operational performance with real momentum in delivery right across the business. And as we look ahead, our destination remains unchanged – from IOC to IEC – focused on growing the value of bp," CEO Murray Auchincloss said.
