BP Maintains Climate Commitment Amid Profit Decline, Boosts Shareholder Returns

Despite a significant drop in profits, BP's new CEO reaffirms the company's climate goals and announces increased payouts for investors.

BP's profits halved in 2023 but remained historically high, with the company reporting $13.8 billion in underlying replacement cost profit.
New CEO Murray Auchincloss emphasizes commitment to BP's climate strategy, countering calls from some investors to abandon these plans.
BP announces $3.5 billion in share buybacks for the first half of 2024, continuing its trend of rewarding shareholders amid financial success.
Critics argue BP's substantial shareholder payouts contrast sharply with the ongoing energy affordability crisis for households.
BP plans to increase oil production in 2024, raising concerns among environmentalists about the company's carbon emissions and commitment to renewable energy.