BP’s annual profit more than doubled last year to nearly $28 billion
BP’s annual profit more than doubled last year to an all-time high of nearly $28 billion, extending a record run of earnings for the world’s oil majors that is fueling calls for higher taxes on the windfall gains. The British energy giant said in a statement that underlying replacement cost profit rose to $27.7 billion in 2022 from $12.8 billion the previous year. The metric is a key indicator of oil companies’ profitability. BP\n \n also announced Tuesday a further $2.
Last week, Shell\n \n reported a record profit of almost $40 billion for 2022, more than double what it raked in the previous year after oil and gas prices jumped following Russia’s invasion of Ukraine. The war’s effect on UK households has been a surge in energy costs, with the average gas and electricity bill due to increase again from the start of April. The stunning corporate results have amplified calls for the UK government to impose higher windfall taxes on energy companies.
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