British energy giant BP rebounded into vast profit in 2023, it said Tuesday, after slumping into a loss the prior year on its exit from Russia following Moscow's Ukraine invasion.
Profit after taxation rocketed to $15.2 billion last year from a net loss of $2.5 billion in 2022, when it had taken a gigantic charge of $24 billion on its exit from Russian energy group Rosneft.
However, underlying profit excluding exceptional items halved to $13.8 billion on lower refining margins and oil prices, BP added in a results statement.
That compared with a record $27.7 billion the prior year when prices of fossil fuels had surged on key energy producer Russia's assault on neighbouring Ukraine, boosting the global sector.