BP reports Q4 EPS $1.59, consensus $1.67

Underlying replacement cost profit for the quarter was $4.8 billion, compared with $8.2 billion for the previous quarter. Reported profit for the quarter was $10.8 billion, compared with a loss of $2.2 billion for the third quarter 2022. CEO Bernard Looney said: "Throughout 2022, bp continued to focus on delivery of our Integrated Energy Company strategy. We are helping provide the energy the world needs today and – at the same time – investing with discipline into our transition and the energy transition – as demonstrated by the Archaea Energy acquisition. We are strengthening bp, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row. Importantly, we are delivering for our shareholders – with buybacks and a growing dividend. This is exactly what we said we would do and will continue to do – performing while transforming."