Oil major BP accelerates pace of share buybacks after sharp drop in full-year profit

BP in 2020 set out its ambition to become a net zero company "by 2050 or sooner."British oil giant BP on Tuesday reported slightly weaker-than-expected annual profits, following declines in fossil fuel prices.The energy major posted underlying replacement cost profit, used as a proxy for net profit, of $13.8 billion for 2023, a sharp fall from a record $27.7 billion in the previous year.Analysts had anticipated net profit of $13.9 billion for full-year 2023, according to an LSEG-compiled consensus.BP posted ...