UK supermajor BP surpassed expectations with an underlying replacement cost profit of $2.99 billion for the last quarter of 2023, outperforming the consensus forecast by $220 million.

The company has upheld its dividend at 7.27 cents per share, demonstrating a 10% increase from the previous year. Additionally, BP has introduced a new $1.75 billion share buyback programme.

With operating cash flow standing strong at $9.38