The British oil company BP registered net attributable profit of 8,218 million dollars (7,475 million euros) in the first quarter of 2023, compared to losses of 20,384 million dollars (18,541 million euros) recorded in the same period of the previous year as a consequence of the disposal of its participation in Rosneft and its exit from the Russian market.

However, the underlying result of BP adjusted for replacement costs reached 4,963 million dollars (4,514 million euros) in the first quarter of the year, 20.5% below the result corresponding to the first three months of 2022 as reflection of lower oil prices.

BP’s income between January and March totaled 56,951 million dollars (51,802 million euros), 11.2% more than in the first quarter of 2022.

On the other hand, the oil company reported that in the first quarter of the year it managed to reduce its net debt by 22.7% year-on-year, up to 21,232 million dollars (19,313 million euros), while it increased spending by 23.8%. capital, up to 3,625 million dollars (3,297 million euros).

In this way, the oil company expects to be able to make share repurchases of around 4,000 million dollars (3,638 million euros) per year, a forecast that is at the lower end of its range of capital expenditures of between 14,000 and 18,000 million dollars (12,734 and 16,373 million euros) with the capacity for an annual increase in the dividend per common share of the order of 4%.

“This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations,” said BP Chief Executive Bernard Looney.