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07th Feb 2023

BP announces record annual profits of £23 billion

Steve Hopkins

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, 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 main measure, 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 big losses during 2020 as the pandemic hammered energy costs due to a lack of demand.

Read also: Shell announces all-time record annual profits of more than £32bn as energy bills soar