MOSCOW (Pakistan Point News / Sputnik - 01st August, 2023) British oil producer BP� has recorded pure profit of $10.01 billion in the first half of 2023 after loss of $11.127 billion for the same period of 2022, according to the company's financial report, published on Tuesday.
A diluted earnings per share amounted to $0.55, as opposed to a loss of $0.57 for the first six months of 2022, the report read. Total revenue of BP, including income from joint ventures, amounted to $106.43 billion, which is 11.8% less year-on-year.
BP's total volume of extraction for the past six months was 2.301 million barrels of oil equivalent, which is 3.4% more than for the same period of 2022.
According to the report, the company's pure profit for the second quarter of 2023 was down by 5.2 times to $1.792 billion. A diluted earnings per share stood at $0.45 after $0.475 in 2022. The total revenue of BP dropped 28.8% to $49.479 billion. The net debt of the company amounted to $23.66 billion, which is 3.7% higher than a year ago.
BP expects total volume of extraction for this year to exceed results of 2022, however, predicted levels of depreciation, depletion and amortization are slightly above ones for the previous year. The company expects capital expenditure of $16-18 billion in 2023. In a macroeconomic perspective, oil prices are expected to be supported by seasonal demand and the OPEC+ production restrictions, the report said.
BP is a transnational company and one of the six biggest oil producers in the world. In February 2023, it reported $2.5 billion loss, connected to a decision to abandon its 19.75% stake in the Russian oil and gas company Rosneft following the start of Russia's military operation in Ukraine.
In April 2023, the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC+) agreed on a deal to limit oil supply in 2024 in order to boost oil prices.
