Will the BP share price keep rising?

The BP (LSE: BP) share price was in positive territory this morning as traders reacted favourably to an encouraging set of numbers from the oil giant. Can this continue? Profits soar

Let’s start by looking at just how good business has been.

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Click here to claim your free copy now! Thanks to soaring oil and gas prices , profit came in at $4.1bn for the final three months of last year. This compares favourably to the $3.3bn in Q3. All told, BP made a $12.8bn profit in 2021 — the company’s highest number for no less than eight years.Bumper cash flow has also allowed BP to strengthen its balance sheet. Net debt stood at $30.6bn at the end of 2021. That’s a reduction of $8.3bn from 2020.CEO Bernard Looney said the results show that the company is “ performing while transforming ” into an integrated energy company with more focus on offshore wind and hydrogen projects. I can’t see any reason to argue against that based on today’s figures. […]

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