BP has reported that underlying profit more than doubled to £23 billion last year after energy prices surged higher
Profit more than doubled at oil giant BP last year as the business benefited from runaway gas prices caused by the war in Ukraine. The company said that it would invest an additional $8billion dollars - £6.6billion - each in the energy transition, and in oil and gas, as boss Bernard Looney promised to keep affordable energy flowing.
The business said that underlying replacement cost profit - the figure most followed by analysts - had reached $27.7billion dollars - £23billion last year. The measure was slightly lower in the last three months of the year compared to previous quarters at $4.8billion dollars - £4billion). BP said that the result had been affected by its gas marketing division, which saw below average results after an exceptional third quarter. The massive profit is set to put BP at the centre of another political battle. Last week Shell reported its highest profit in history, sparking calls for an additional windfall tax.
BP chief executive Bernard Looney said: "We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row. "Importantly, we are delivering for our shareholders - with buybacks and a growing dividend. This is exactly what we said we would do and will continue to do - performing while transforming."
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