BP makes record profit in 2022, boosts oil spending
Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030.
The company’s profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine.
Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.
It has led to calls for energy firms to pay more tax as people’s bills soar.
BP boss Bernard Looney said the British company was “helping provide the energy the world needs” while investing the transition to green energy.
But it came as 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 percent lower by the end of this decade.
However, on Tuesday it said it was now targeting a 20-30 percent cut, saying it needed to keep investing in oil and gas to meet current demands.—BBC
