BP made profits of $12.8 billion (£9.5 billion) in 2021 it revealed today, an amount that is likely to lead to fresh calls for a windfall tax on the energy giants.
With power bills soaring and growing talk of a cost-of-living crisis, environmental groups think BP, Shell and others should face a one-tax from the government.
Shell last week recorded profits of $19.3 billion (£14.3 billion) driven by soaring oil and gas prices.
Defenders of the oil sector note that BP and Shell are recovering from a tough 2020 when they suffered heavy losses. They say the profits will help pay for investment in renewable energy.
BP made a loss of $20.3 billion in 2020. Today’s figures are even better than City analysts had forecast, however and the best for eight years.
CEO Bernard Looney recently called the company a “cash machine”, words he may now be regretting.
Today he said: “We’ve strengthened the balance sheet and grown returns. We’re delivering distributions to shareholders with $4.15 billion of buybacks announced and the dividend increased. And we’re investing for the future.”
BP is one of the largest shareholders in Rosneft, the Russian energy giant.
