Soaring oil and gas prices in the wake of the Russian invasion of Ukraine on February 24 easily offset losses BP incurred from abruptly abandoning its shareholdings in Russia, including its 19.75% stake in oil giant Rosneft.
The company, which also halted trading Russian oil, said the exit from Russia, which had contributed 3% of the company’s cash flow last year, would not affect its plan to shift away from oil and gas towards renewables. The exit “has not changed our strategy, our financial frame, or our expectations for shareholder distributions,” Chief Executive Bernard Looney said.
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