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BP P.L.C. BP shares are trading higher Monday after the company reported fourth-quarter results and raised its dividend.
What Happened: BP reported fourth-quarter revenue of $69.26 billion, which beat average analyst estimates of $53.79 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.59 per share, which missed average estimates of $1.67 per share.
Operating cash flow in the quarter was $13.6 billion. Capital expenditures totaled $7.4 billion.
BP said it bought back $3.2 billion of its stock during the fourth quarter. The company also raised its dividend by 10% to 6.61 cents per share.
“We are strengthening bp, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row. Importantly, we are delivering for our shareholders – with buybacks and a growing dividend,” said Bernard Looney, CEO of BP.
BP said it expects capital expenditures to be between $16 billion and $18 billion in full-year 2023. The company also said it plans to increase U.S. shale production by 30% to 40% by 2025.
BP said it will allocate 60% of 2023 surplus cash flow to share buybacks.
BP Price Action: BP has a 52-week high of $36.69 and a 52-week low of $25.36.
The stock was up 4.1% at $36.27 at time of publication, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.