bp plc on tuesday reported a 41 fall in its headline replacement cost profit for the fourth quarter of the year when compared with the third quarter but a rise from the fourth quarter of 2021 the company attributed the result to below average gas marketing and trading result after the exceptional result in the third quarter lower oil and gas realizations a higher level of refinery turnaround and maintenance activity and lower marketing margins and seasonally lower volumes heres what the oil giant had to say reported production for the quarter was 956000 barrels of oil per day mboed 18 lower than the same period in 2021 underlying production was 24 lower mainly due to base decline in trinidad reported production for the full year was 957mboed 49 higher than the same period in 2021 underlying production for the full year was 49 higher due to the rampup of major projects renewables pipeline at the end of the quarter was 372gw bp net the renewables pipeline increased by 103gw during the quarter due to additions to the renewables pipeline in support of hydrogen in australia the renewables pipeline increased by 141gw for the full year primarily as a result of bp and its partner enbw being awarded a lease option off the east coast of scotland to develop an offshore wind project 145gw bp net in the first quarter of 2022 net additions to lightsource bps pipeline and the additions to the renewables pipeline in the fourth quarter in support of hydrogen in australia reported production for the quarter was 1309mboed 36 lower than the fourth quarter of 2021 underlying production for the quarter was flat compared with the fourth quarter of 2021 reported production for the full year was 1297mboed 08 lower than the same period of 2021 underlying production for the full year was 21 higher compared with the same period of 2021 reflecting bpx energy performance major projects and reduced weather impacts in the us gulf of mexico partly offset by base performance progressed operational performance in upstream in 2022 delivering the highest bpoperated hydrocarbon plant reliability on record at 96 bp continues to focus on disciplined investment allocation for 2023 bp expects capital expenditure of 1618 billion and for 202430 now expects capital expenditure in a range of 1418 billion including inorganic capital expenditure based on bps current forecasts at around 60 per barrel brent and subject to the boards discretion each quarter bp expects to be able to deliver share buybacks of around 40 billion per annum at the lower end of its capital expenditure range and have capacity for an annual increase in the dividend per ordinary share of around 4 in the first quarter bp expects oil prices to remain supported by recovering chinese demand ongoing uncertainty around the level of russian exports and low inventory levels bp expects the outlook for global gas prices during the first quarter to remain dependent on weather in the northern hemisphere and the pace of chinese demand recovery bp expects industry refining margins to remain elevated in the first quarter due to sanctioning of russian crude and product looking ahead we expect firstquarter 2023 reported upstream production to be broadly flat compared to fourth quarter 2022 in our customers business we expect seasonally lower volumes and in castrol base oil prices to remain high although lower than the fourth quarter 2022 in refining we expect margins to remain elevated and a lower level of turnaround activity bp expects both reported and underlying upstream production to be broadly flat compared with 2022 within this bp expects underlying production from oil production  operations to be slightly higher and production from gas  low carbon energy to be lower bp expects the startup of mad dog phase 2 in the second quarter of 2023 and first gas from the tangguh expansion and gta phase 1 tortue projects in the fourth quarter of 2023 bp expects the other businesses  corporate underlying annual charge to be in a range of 1113 billion for 2023 the charge may vary from quarter to quarter bp expects the depreciation depletion and amortization to be slightly above 2022 the underlying etr for 2023 is expected to be around 40 but is sensitive to the impact that volatility in the current price environment may have on the geographical mix of the groups profits and losses having realized 159 billion of divestment and other proceeds since the second quarter of 2020 bp now expects divestment and other proceeds of 23 billion in 2023 and continues to expect to reach 25 billion of divestment and other proceeds between the second half of 2020 and 2025 bp expects gulf of mexico oil spill payments for the year to be around 13 billion pretax including 12 billion pretax to be paid during the second quarter