Energy giant BP has reported record annual profits after oil and gas prices surged last year following Russia’s invasion of Ukraine.
The company’s profits more than doubled to $27.7bn (£23bn) in 2022, compared with $12.8bn the year before.
Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.
The profits have led to calls for energy firms to pay more taxes as many households struggle with rising bills.
BP boss Bernard Looney said the British company was “helping provide the energy the world needs” and investing in 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% lower by the end of this decade.
However, on Tuesday it said it was now targeting a 20-30% cut, saying it needed to keep investing in oil and gas to meet current demands.
Climate campaign group Greenpeace said the oil firm’s new strategy would continue to damage the planet.
Source: BBC business news
