0837 GMT - BP has joined the throng of oil majors reporting bumper annual profits, and is putting its cash generation to good use in paying down debt, investing in the business and raising shareholder returns, Interactive Investor says. The energy giant's fourth-quarter results were slightly shy of expectations, but this did little to mar the overall result, with full-year underlying replacement cost profits rising to $27.7 billion from $12.8 billion, Interactive head of markets Richard Hunter says in a market comment. "Shell may be the marginally preferred of the U.K. majors, but the market consensus on BP will also likely remain positive, coming in at a buy," Hunter says. Shares are up 4.0% at 497.25 pence. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

February 07, 2023 03:37 ET (08:37 GMT)

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