Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030.
The company’s profits more than doubled to US$27.7billion in 2022, as energy prices soared after Russia invaded Ukraine.
Other energy firms have seen similar rises, with Shell reporting record earnings of nearly US$40billion last week.
It has led to calls for energy firms to pay more tax as people’s bills soar.
BP boss Bernard Looney said the British company was “helping provide the energy the world needs” while investing 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, 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, whose voice has been included because of the impact of oil and gas production on the environment, said BP’s new strategy “seems to have been strongly undermined by pressure from investors and governments to make even more dirty money out of oil and gas”.
Energy prices had begun to climb following the end of Covid lockdowns but rose sharply in March last year after Russia invaded Ukraine, sparking concerns about global supplies.
The price of Brent crude oil reached nearly US$128 a barrel, but has since fallen back to about $80. Gas prices also spiked but have come down from their highs.
BP’s results follow similarly strong profits announced by rivals Shell, Exxon Mobil and Chevron last week.-bbc
