BP Plc (BP.L): Strong execution paves the way to 12.5% cash SH returns in 2024E 6 February 2024 | 8:40PM CET BP reported strong 4Q23 results, with RC operating profit at US$6,127 mn, 5% above company-compiled consensus of US$5,860 mn, and RC adjusted net income at US$2,991 mn, 8% above consensus of US$2,770 mn, primarily driven by stronger-than-expected performance in the upstream segment. We reiterate our Buy rating on the stock, highlighting three key drivers of change towards a more profitable and sustainable BP: 1) Buyback program, combined with dividends, paves the way for c.12.5% cash returns to shareholders in 2024E: BP has already completed its balance sheet de-gearing, having reduced net debt to US$20.9 bn by the end of 4Q23, allowing for the continuation of the buyback program.