"BP's 2023 Performance: Profits Halve to $13.8bn but Shareholder Returns Boost Shares by 6%"

BP's profits for 2023 dropped to $13.8bn from a record $27.7bn in the previous year due to falling oil prices, with the company planning to hand back $1.75bn to investors through share buybacks. The results come after the appointment of a new chief executive following the resignation of the previous boss due to "serious misconduct". Despite criticism from environmental groups, BP plans to increase oil production while scaling back gas and low carbon energy operations. The drop in profits mirrors similar results from rival Shell, and the company paid $720m in UK tax due to the Energy Profits Levy. Oil prices surged in 2022 due to the Russia-Ukraine conflict, leading to bumper profits for energy companies and the introduction of a windfall tax by the UK government.