The oil giant confirmed it will pay the windfall tax on its UK operations this year.
BP has revealed that its profits more than doubled for the past three months amid ratcheting calls for stiffer windfall taxes for energy producers.
The London-listed company reported that underlying replacement cost profits – a measure preferred by BP – surged to 8.2 billion US dollars for the quarter to September, compared with 3.3 billion dollars a year earlier.Nevertheless, BP said profits were weaker than the previous quarter after a dip in the average oil price.
However, Shell confirmed last week that it does not expect to pay out for the tax this year as firms are able to offset potential tax payments through investment. “We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy.
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