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BP announces record annual profits of £23 billion

Published 09:12 7 Feb 2023 GMT

Steve Hopkins
BP announces record annual profits of £23 billion

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The figure is more than double the previous year's sum

BP has announced record annual profits of £23 billion, days after rival Shell announced an all-time record. The news announced on Tuesday, will further inflame the debate on whether big oil and gas firms should be paying more back through windfall taxes amid the energy-driven cost of living crisis. The London-based firm said its underlying replacement cost profit came in at $27.7bn (£23bn) for 2022 - more than double the previous year's sum despite weaker oil and gas costs knocking its performance in the final quarter. BP's annual figures were released just days after rival Shell reported profits of £32.2bn. Both firms suffered significant losses during 2020 as the pandemic hammered energy costs due to a lack of demand. Related links.

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BP announces record annual profits of £23 billion