Why BP stock rises Tuesday morning

BP PLC Shares of BP are trading higher on Monday after the company reported fourth quarter results and increased its dividend.

What happened: BP reported fourth-quarter revenue of $69.26 billion, beating analysts' average estimate of $53.79 billion dollars, according to Benzinga Pro. The company reported quarterly earnings of $1.59 per share, which beat average estimates of $1.67 per share.

Cash flow from operations for the quarter was $13.6 billion. Capital expenditures totaled $7.4 billion.

BP said it repurchased $3.2 billion of its shares during the fourth quarter. The company also increased its dividend by 10% to 6.61 cents per share.

"We are strengthening bp, with the highest reliability ever from our upstream plants and the lowest production costs in 16 years, helping to drive strong returns and reduce debt for the 11th consecutive quarter. , we are delivering for our shareholders - with buybacks and a growing dividend,” said Bernard Looney, CEO of BP.

BP said it expects capital spending to be between $16 billion and $18 billion for the full year 2023. The company also said that 'It planned to increase U.S. shale production by 30% to 40% by 2025.

BP said it would allocate 60% of 2023 excess cash flow to share buybacks.

See also: US stocks pause ahead of Powell speech: Analyst warns of retest of October lows as market market and economic data conspire against monetary policy

BP Price Action: BP has a 52-week high of $36.69 and a 52-week low of $25.36.

The stock is up 4.1% to $36.27 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.

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