BP sees biggest profit in 114-year history after oil and gas prices soar
Energy giant BP has reported record annual profits after oil and gas prices surged last year following Russia’s invasion of Ukraine.
The company’s profits more than doubled to $27.7bn (£23bn) in 2022, compared with $12.8bn the year before.
Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.
The profits have led to calls for energy firms to pay more tax as many households struggle with rising bills.
BP boss Bernard Looney said the British company was “helping provide the energy the world needs” and investing the transition to green energy.
Energy prices had begun to climb following the end of Covid lockdowns but rose sharply in March last year after Russia invaded Ukraine, sparking concerns about global supplies.
The price of Brent crude oil reached nearly $128 a barrel, but has since fallen back to about $80. Gas prices also spiked but have come down from their highs.
It has led to bumper profits for energy companies, but also fuelled a rise in energy bills for households and businesses.
(BBC)
