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BP's shares are now up 6.6%, at the highest since the end of November, as investors welcome its plan to buy back more shares, after beating profits in the last quarter.

BP has a ricky balancing act ahead, says John Moore, senior investment manager at RBC Brewin Dolphin:

BP has beaten expectations for the final quarter of 2023, but fallen slightly short for the year. The company went through a significant amount of change last year and this, combined with a declining oil price, has had an impact on overall performance.

Nevertheless, BP is still in resilient shape - surplus cashflow remains positive, net debt has fallen, and the management team's optimism can be seen in the 10% increase in dividend distributions. Questions have been raised over its future direction and BP will need to strike a tricky balance of continuing to invest in its core energy business to deliver returns in the short term, while maintaining its long-term transformation."