Oil and gas giant BP posted record profits last year thanks to a surge in prices
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British oil and gas company BP on Tuesday reported record profits of $28 billion for 2022, up 116% from 2021.
Reuters writes about it.
The record gains follow similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices rose slightly following Russia’s invasion of Ukraine.
The windfall has prompted renewed calls for further taxation of the sector as households struggle to pay their energy bills,” the agency wrote.
In the renewed strategy, BP said it would increase annual spending by $1 billion on both renewables and oil and gas, with a focus on developing low-carbon biofuels and hydrogen.
But the company scaled back plans to cut oil output, saying it aimed to produce 2 million barrels of oil equivalent per day by 2030, down 25% from 2019, compared with previous plans to cut output by 40%.
At the same time, the increase in revenue was enough to cover the write-off of $25.5 billion last year due to the decision to withdraw from the joint venture with Rosneft and all projects in Russia immediately after the start of the full-scale war in Ukraine.
Against the backdrop of such a successful year, BP announced a 10% dividend increase to $6 per share, as well as a $2.75 billion share buyback over the next three months.
Economic truth
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