London-based oil and gas company BP has surpassed expectations with earnings of $3 billion in the final quarter of 2023, bringing its total profits for the year to half of its record-breaking 2022 figure. The company reported an underlying replacement cost profit of $3.3 billion in the previous quarter. Although this represents a decline in comparison to the previous quarter's earnings, it highlights the company's resilience in a challenging energy market.
In 2022, BP recorded earnings of $27.7 billion, largely driven by the surge in oil and natural gas prices following Russia's invasion of Ukraine. However, energy prices have since fallen due to weakened global demand amid a sluggish economy. As a consequence, BP's total earnings for 2023 stand at $13.8 billion, representing a significant drop from the previous year.
