1Q 2022 results
Against a backdrop of volatility in energy markets, our results show our disciplined delivery continues, with net debt falling for the eighth quarter in a row and a further $2.5 billion share buyback announced
In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, bp's focus has been on supplying the reliable energy our customers need. Our decision in February to exit our shareholding in Rosneft resulted in the material non-cash charges and headline loss we reported today. But it has not changed our strategy, our financial frame, or our expectations for shareholder distributions. Importantly bp continues to perform and step-by-step we are making progress executing our IEC strategy - producing resilient hydrocarbons to provide energy security while investing with discipline in the energy transition."Bernard Looney,chief executive officer