BP's profit more than doubled last year, as the business benefited from runaway gas prices caused by the war in Ukraine.
The oil and gas giant stated that it would invest an additional £6.6bn each in the energy transition and in oil and gas, as chief executive Bernard Looney promised to keep affordable energy flowing.
The business said that underlying replacement cost profit - the figure most followed by analysts - had reached £23bn last year.
The measure was slightly lower in the last three months of the year, compared to previous quarters, at £4bn.
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.
The company's case won't be helped by the fact it made a cut to the ambition of its climate change pledge.
BP expects the carbon emissions form its oil and gas production will fall by between 20% to 30% by 2030, when compared to 2019. Its previous target had been a 35% to 40% drop in emissions.
It comes as the business said that its oil and gas production will be around two million barrels of oil equivalent a day in 2030. This is 25% lower than in in 2019, but its previous plan had been to cut production by 40%.
“We need continuing near-term investment into today’s energy system, which depends on oil and gas, to meet today’s demands and to make sure the transition is an orderly one,” said chief executive Bernard Looney.
“We have high-quality options throughout our portfolio, allowing us to choose only the best.
“We will prioritise projects where we can deliver quickly, at low cost, using our existing infrastructure, allowing us to minimise additional emissions and maximise both value and our contribution to energy security and affordability.”
Looney also commented: “We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row.
“Importantly, we are delivering for our shareholders – with buybacks and a growing dividend.
“This is exactly what we said we would do and will continue to do – performing while transforming.”
Greenpeace UK’s head of climate justice Kate Blagojevic responded: “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.”
TUC general secretary Paul Nowak commented: “As millions struggle to heat their homes and put food on the table, BP are laughing all the way to the bank.
“Ministers are letting big oil and gas companies pocket billions in excess profits, but they are refusing to give nurses, teachers and other key workers a decent pay rise.
“We need a government on the side of working people, not fat cat energy producers.”
John Moore, senior investment manager at RBC Brewin Dolphin, added: “It’s fair to say that following the period covered by these results the oil price has weakened, while BP is also emphasising its investment in renewables and its commitment to changing how the company operates.
“But, even allowing for these factors, there will inevitably be a backlash against today’s results in the current climate - they will only add to calls for political intervention at some point in the near future.”
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