BP Sees Profits Double To Record £23bn
Energy giant BP has announced record-breaking financial results, as profits more than double to £23 billion ($27.7bn) following Russia’s invasion of Ukraine.
BP’s profits follow results from rival energy companies including Shell, who last week announced recording earnings of nearly $40 billion last week.
Benard Looney, BP’s chief executive, announced the firm’s annual profits were aided by the “lowest production costs in 16 years.”
However, the staggering profits posted on Tuesday come in the wake of soaring energy costs for households up and down the country.
It has led to widespread calls for energy firms to pay more tax, as many struggle under the weight of rising bills.
Looney said BP was “helping provide the energy the world needs” and channeling investment into greener energy.
He noted that “importantly” the British company continues “delivering for our shareholders – with buybacks and a growing dividend.”
The huge profits being made by oil and gas giants have led to the introduction of a windfall tax aimed at helping those struggling with higher heating and electricity bills.
The figures for 2022 contrast 2021 figures, with the British giant posting profits of $12.8bn in 2021.
Energy prices initially began to climb following the lifting of Covid lockdown restrictions, however, it was Russia’s invasion of Ukraine in March that sparked concerns about supplies.
BP is one of the world’s leading international oil and gas companies. The company operates in more than 80 countries, providing customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.
During the most recent edition of African Energy Week (AEW) held in October 2022, the company was named the winner of the Environmental, Social and Governance (ESG) Leader of the Year Award.
