BP posts $3bn profit amid 'pragmatic' rethink of switch from oil and gas  

New CEO Murray Auchincloss took over when Bernard Looney abruptly stepped down for failing to fully disclose details of past personal relationships with colleagues

The quarterly results, lifted by strong gas trading, took the energy giant's 2023 profit to $13.8 billion.

BP posted forecast-beating earnings of $3bn (€2.8bn) for the fourth quarter and boosted share repurchases as its recently appointed chief executive vowed to make pragmatic investments to allay investor concern over its energy transition strategy.

The company's shares ended 5.25% higher following the unexpected acceleration of the shares buyback programme. The quarterly results, lifted by strong gas trading, took the energy giant's 2023 profit to $13.8bn, although that was half that of a year earlier as oil and gas prices cooled and refining profit margins weakened. The earnings come as a relief to CEO Murray Auchincloss after the company substantially missed forecasts in the previous two quarters.