bp reports biggest profit in 114-year history

The energy giant has doubled its annual profits to a record £23 billion

bp’s profits more than doubled to $27.7 billion (£23bn) last year amid the energy crisis.

The energy giant revealed earlier today record annual profits, the highest in 114 years. It follows a similar announcement from Shell last week which posted nearly $40 billion (£33.2bn).

Bernard Looney, bp’s Chief Executive Officer said: “We are helping to deliver the energy the world wants and needs today and – at the same time – investing with discipline into the energy transition – as demonstrated by the Archaea Energy acquisition.”

In response to the news, Greenpeace UK’s head of Climate Justice, Kayte Blagojevic, said: “bp is yet another fossil fuel giant mining gold out of the vast suffering caused by the climate and energy crisis.

“What’s worse, their green plans seem to have been strongly undermined by pressure from investors and governments to make even more dirty money out of oil and gas. This is precisely why we need governments to intervene to change the rules.

Connor Schwartz, a climate campaigner at Friends of the Earth, said: “Cost of living crisis? Not if you’re a bp exec. As it joins the ranks of energy firms announcing colossal takings for last year, bp’s profits – which have increased twofold – will be yet more salt in the wound for millions of people who’ve struggled to afford to stay warm and well this winter.

“Inflation is soaring, real-term pay has nosedived and energy bills are set to rise higher still in April. Fossil fuel companies shouldn’t be able to reap such massive profits while people are paying exorbitant energy costs.”

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