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BP calls 2023 “the year of delivery”

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BP has posted its fourth-quarter results for 2023, with it referring to the year as a whole as being a “year of delivery”.

This comes as the organisation transitions from being an international oil company (IOC) to an integrated energy company (IEC).

BP says its operational and financial performance was resilient over 2023, with it reducing its net debt to $20.9 billion and generating $32.0 billion in operating cash flow.

Dividends for the fourth quarter were also up 10% on the same quarter of 2022, a rise of 7.270 cents for each ordinary share.

The chief executive officer of BP, Murray Auchincloss, said that the company had delivered across its businesses with genuine momentum and some robust operational performance in 2023, adding:

“As we look ahead, our destination remains unchanged – from IOC to IEC – focused on growing the value of BP. We are confident in our strategy, on delivering as a simpler, more focused and higher-value company, and committed to growing long-term value for our shareholders.”

BP, which also makes the Castrol metalworking fluids, also pointed to the start-up of four major projects over the year. These include the Seagull project in the Central North Sea that came online in the last quarter of the year.

By 2025, BP expects it to add 15 thousand barrels of oil equivalent production each day. The company also said that it has implemented its approach to methane measurement at all upstream gas and oil assets that it operates, thus meeting an aim 4 goal.

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