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BP bounces back with a net annual profit of $15.2 billion


Last Update 07 February 2024

BP rebounded in 2023, with a net profit of $15.2 billion after a $2.5 billion loss in 2022 due to its Russia exit following the Ukraine invasion. However, underlying profit halved to $13.8 billion due to lower refining margins and oil prices, compared to the previous year's record of $27.7 billion amid heightened fossil fuel prices during Russia's actions in Ukraine.

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