Profit dropped significantly in the fourth quarter of 2023 for British energy giant BP Plc compared to the same period of the previous year.
BP reported on Tuesday that its fourth-quarter replacement cost (RC) profit plunged to $1.53 billion from last year's $11.87 billion.
Underlying RC profit was $2.99 billion, down from $4.81 billion a year ago.
Underlying RC profit per ordinary share was 17.77 cents, compared to 26.44 cents in the prior year.
Underlying RC profit per ADS was $1.07, compared to $1.59 in the prior year.
Profit for the period attributable to BP shareholders plunged to $371 million from last year's $10.80 billion.
Total revenues and other income declined to $52.59 billion from last year's $70.36 billion.
Sales and other operating revenues were $52.14 billion, compared to $69.26 billion a year ago.
Looking ahead, BP expects first quarter 2024 reported upstream production to be higher sequentially.
For fiscal 2024, BP expects both reported and underlying upstream production to be slightly higher compared with 2023.
Further, BP said it intends to execute a $1.75 billion share buyback prior to reporting first quarter results.
Furthermore, BP announced $3.5 billion for the first half of 2024.
BP plans share buybacks of at least $14 billion through 2025 as part of its commitment, on a point forward basis, to returning at least 80 percent of surplus cash flow to shareholders.