Tuesday, February 07, 2023

Bumper Revenues for BP


Yet again, another energy corporation declares record profits.

BP has reported record annual profits after oil and gas prices surged last year following Russia's invasion of Ukraine with the company's profits more than doubling to $27.7bn (£23bn) in 2022, compared with $12.8bn the year before.

After Russia's invasion of Ukraine led to bumper profits it also fuelled a rise in energy bills for households and businesses. 

BP also announced a 10% increase to its quarterly dividend and said it would spend a further $2.75bn buying back its own shares.

BP profits rise to £23bn, adding fuel to calls for toughened windfall tax | BP | The Guardian

1 comment:

ajohnstone said...

the firm scaled back plans to cut carbon emissions by reducing its oil and gas output.

The company - which was one of the first oil and gas giants to announce an ambition to cut emissions to net zero by 2050 - had previously promised that emissions would be 35-40% lower by the end of this decade.

However, on Tuesday it said it was now targeting a 20-30% cut, saying it needed to keep investing in oil and gas to meet current demands.