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BP profits soar to 23bn after spike in oil and gas prices

todayFebruary 7, 2023 4

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BP profits soar to £23bn after spike in oil and gas prices

Profit more than doubled at oil giant BP last year as the business benefited from runaway gas prices caused by the war in Ukraine.

The company said that it would invest an additional eight billion dollars (£6.6 billion) each in the energy transition, and in oil and gas, as boss Bernard Looney promised to keep affordable energy flowing.

The business said that underlying replacement cost profit – the figure most followed by analysts – had reached 27.7 billion dollars (£23 billion) last year.

The measure was slightly lower in the last three months of the year compared to previous quarters at 4.8 billion dollars (£4 billion).

BP said that the result had been affected by its gas marketing division, which saw below average results after an exceptional third quarter.

The massive profit is set to put BP at the centre of another political battle. Last week Shell reported its highest profit in history, sparking calls for an additional windfall tax.

  Published: by Radio NewsHub

Written by: admin

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Rapist Metropolitan Police officer David Carrick faces life sentence

Rapist Metropolitan Police officer David Carrick is facing a life sentence after committing “violent and brutal sexual offences” against a dozen women. Carrick, who joined the Met in 2001 before becoming an armed officer with the Parliamentary and Diplomatic Protection Command in 2009, pleaded guilty to 49 charges, including 24 counts of rape. Mrs Justice Cheema-Grubb is expected to sentence Carrick, 48, from Stevenage, Hertfordshire, at Southwark Crown Court on Tuesday. […]

todayFebruary 7, 2023 4

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