BP share price was in the limelight on Tuesday after the oil and gas giant posted record profits for 2022. The stock has been trading sideways since the start of the year, while its year-to-date price slipped to 0.63%.

Record Profits

All eyes were on BP share price on Tuesday after the company posted better-than-expected results for the fourth quarter. BP is one of the oil and gas “supermajors” and one of the world’s largest companies by revenue and profits.

On Tuesday, the British oil giant posted record annual profits, more than doubling last year’s total. A surge in fossil fuel prices following Russia’s invasion of Ukraine boosted BP’s profits. The company reported a record profit of $27.6 billion in 2022, which was more than double the $12.8 billion reported in the previous year.

For the fourth quarter, the British energy giant posted an underlying replacement cost profit of $4.8 billion, which was slightly higher than the $4.7 billion expectation by analysts. BP plc increased its dividends and extended share buybacks after posting better-than-expected results for 2022.

BP Plc has joined its fellow oil and gas giants by cashing in on surging oil and gas prices. Last week on Thursday, Shell reported adjusted full-year earnings of $39.9 billion in 2022. Other top energy companies such as Chevron and ExxonMobil, raked in high profits in 2022.

BP Share Price Forecast

The daily chart shows that the BP share price has been moving sideways for the past few weeks. The stock ended Monday’s trading session 1.58% lower at 478.35. BP is moving slightly below and along the 25-day and 50-day moving averages, respectively. Its Relative Strength Index (RSI) is at 52.

Therefore, despite the increased dividends and record profits, the BP stock price is likely to fall in the near term as sellers eye the key support level at 465.90p. However, a move past the important resistance level at 505p cannot be ruled out.