BP Lubricants Annual Report 2023

At 31 December 2023, the group’s reportable segments were gas & low carbon energy, oil production & operations and customers & products.

In 2023 we delivered a resilient operational and financial performance, with earnings (adjusted EBITDA) of $43.7 billion and operating cash flow of $32.0 billion. This contributed to:

• Profit for the year attributable to bp shareholders of $15.2 billion.
• Underlying replacement cost profit of $13.8 billion.
• Return on average capital employed (ROACE) of 18.1%.
• Net debt reduced to $20.9 billion
• its lowest in a decade.

In turn, this has allowed us to deliver competitive distributions to our shareholders:

• A 10% increase in the dividend per ordinary share (compared with the fourth quarter of 2022).
• $6.5 billion in share buybacks from our 2023 surplus cash flow.
• 17% reduction in issued share capital between the end of the first quarter of 2021 and 31 December 2023.