BP profits double to record £23billion as millions suffer sky-high energy bills
BP has reported the highest profit in its entire history at $27.7billion (£23billion) for last year as households across the country continue to struggle with energy bills.
This is up from the $12.8billion the firm recorded in 2021 and sparks further calls for energy companies to pay more in tax.
BP reported net profit of $4.81billion (£3.89billion) for the last three months of 2022 - down from the $8.2billion it raked in for July to September, but up from the $4billion reported a year earlier.
The oil giant has seen its financial performance go through the roof thanks to soaring oil and gas prices which first started rising after Covid and have been accelerated further due to the war in Ukraine.
Speaking in response to the huge profits today, Bernard Looney, chief executive officer of BP, said the company was "helping provide the energy the world needs".
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Bernard Looney, chief executive officer of BP (Bloomberg via Getty Images)He added: “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.”
Tessa Khan, executive director of Uplift - which campaigns against fossil fuels - said: "It's unconscionable that companies like BP can make this kind of money, while at the same time pensioners are having their homes broken into because they can't afford their gas bill.
"These are profits that BP is taking from us in higher energy and fuel bills. It is grossly unfair. The UK's energy system isn't just broken, it's inhumane.
"This Government needs to get a grip and fix this now, starting by taxing these profits properly. Rishi Sunak must immediately close the £11billion loophole that he introduced the windfall tax."
In the first three months of last year, BP brought in £5.12billion followed by £6.9billion in the second quarter.
It comes after rival Shell saw profits soar to £32.2billion ($39.9billion) last year - the highest in its 115-year history.
The Government has introduced a windfall tax off the back of huge profits being raked in by energy firms - called the Energy Profits Levy - but this only applies to profits made from UK oil and gas.
The rate has been increased from 25% to 35%. BP had previously said it expects to pay $800million in windfall tax for 2022.
Last month, the Mirror reported that five of the world's biggest oil companies are expected to an "obscene" £160billion profit bonanza when they all reveal their latest financial results.
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The forecast combined profits for BP, Shell, along with US heavyweights Chevron and ExxonMobil, and France’s TotalEnergies would equate to more than £5,000 a second.
US heavyweight Chevron has already announced record annual profits of £28.6billion while ExxonMobil reported full-year earnings of £45.2billion.
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