4Q 2022 results
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Performing while transforming:
- Performing: 2022 EBITDA $60.7 billion; full year operating cash flow $40.9 billion; net debt $21.4 billion, lowest for almost a decade; ROACE 30.5%; full year tax $15.1 billion; strongest upstream plant reliability on record; lowest production costs in 16 years
- Transforming: investment in transition growth engines c. 30% of 2022 total investment, up from c. 3% in 2019
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Leaning further into bp’s strategy:
- Investing more in the energy transition and bp’s transition, investing more in supporting energy security and energy affordability today
- Up to $8 billion more into transition growth engines by 2030 – growing in higher-return bioenergy, and convenience & EV charging; focusing hydrogen and renewables & power where bp can leverage integration
- Up to $8 billion more into oil and gas by 2030 – targeting short-cycle fast-payback opportunities with lower additional operational emissions
- Aim to materially increase earnings through 2030 – aiming for $51-56 billion group EBITDA in 2030
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Delivering for shareholders:
- Growing dividends: 10% increase in dividend per ordinary share for fourth quarter, representing 21% growth from 4Q 2021
- Growing buybacks: further $2.75 billion buybacks announced today; total of $11.25 billion buybacks announced from 2022 surplus cash flow
- Increasing targets: over 12% annual EBIDA per share growth to 2025; over 18% ROACE in 2025 and 2030
“It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon – all three together, what’s known as the energy trilemma.”
Bernard Looney, chief executive officer
Results and webcast
bp's 2022 full year and fourth quarter financial results and update on strategic progress were released at 7am GMT today.
The webcast presentation will be hosted at 9am GMT / 4am EST by chief executive officer, Bernard Looney; chief financial officer, Murray Auchincloss; EVP productions & operations, Gordon Birrell; EVP customers & products, Emma Delaney; EVP gas & low carbon energy, Anja-Isabel Dotzenrath; and EVP trading & shipping, Carol Howle. The results presentation will be followed by a question and answer session.
Presentation materials and supplementary information will be available for download shortly before the webcast starts.
Date |
Tuesday 7 February |
Time |
9am GMT / 4am EST |
Dividends
Dates and details of dividend payment options and historical payment information.
A look back at 2022
For the latest updates on projects and progress, see this quarter’s highlights from bp
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