BP profits more than double amid energy cost crisis


BP has reignited the row over the vast scale of energy company money making since the start of the Ukraine war when it reported record profits of £23 billion last year.

The figures come days after Shell revealed it made £32.2 billion meaning that Britain’s two biggest oil and gas companies notched up almost £60 billion in profits in total last year.

The scale of the profits by the two “supermajors” at a time of soaring gas prices following Russia’s invasion of Ukraine will lead to renewed calls for a bigger and longer windfall tax on the sector.

BP also upped its dividend payout to shareholders by 10 per cent alongside a share buyback of $2.75 billion

BP said that it would invest an additional £6.6 billion each in renewable energy transition, and in oil and gas, as boss Bernard Looney promised to keep affordable energy flowing.

Mr Looney said: “It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon - all three together, what’s known as the energy trilemma.

“To tackle that, action is needed to accelerate the transition. And - at the same time - action is needed to make sure that the transition is orderly, so that affordable energy keeps flowing where it’s needed today.

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