British energy giant BP reported on Tuesday a 26% rise in pro-forma net annual profit to $16,21-billion in the wake of record high oil prices and strong demand.
Alongside its results, BP said it will return up to $23-billion in excess cash to investors in 2005 and 2006 via share buybacks and dividends.
BP was expected to announce record profits this month in the wake of soaring oil prices, which reached an all-time high above $55 in New York trading last October.
BP said its fourth-quarter pro-forma profit rose by 26,3% to $3,65-billion from the same period in 2003.
”Against the backdrop of strong oil demand, we have had a very successful year, both operationally and financially,” BP chief executive John Browne said.
He added: ”As a result of the strong cash flow, we have been able to continue to invest for the future of the company, we have made significant share buybacks and we have consistently increased the dividend.” — Sapa-AFP