LONDON, Feb 10 (Reuters) – BP posted a fourth-quarter underlying replacement cost profit, or adjusted net income, of $1.54 billion on Tuesday, up around 32% on last year and in line with expectations. BP, whose new CEO Meg O’Neill will start in April, said it would suspend its share buyback programme so it can allocate […]
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BP profit up 32% in line with expectations, suspends buybacks
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LONDON, Feb 10 (Reuters) – BP posted a fourth-quarter underlying replacement cost profit, or adjusted net income, of $1.54 billion on Tuesday, up around 32% on last year and in line with expectations.
BP, whose new CEO Meg O’Neill will start in April, said it would suspend its share buyback programme so it can allocate excess cash to invest in oil and gas opportunities. It repurchased shares worth $750 million over the last three months.
BP booked diverse impairments of $4.2 billion in the fourth quarter, according to a Reuters calculation of company-provided data, primarily on its solar energy unit Lightsource BP and its U.S. biogas business Archaea.
BP also said it sold a minority stake in its U.S. onshore oil fields for $1.5 billion.
(Reporting by Stephanie Kelly and Shadia Nasralla; Editing by Joe Bavier)