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Daily Record
Daily Record
Politics
Chris McCall

BP profits 'utterly obscene' as energy giant earns £7.1 billion in just three months

Profits earned by BP have been branded "utterly obscene" as the energy giant announced it made £7.1 billion in just three months.

The London-based conglomerate and its competitors have been boosted by sky-high oil and gas prices cased by the war in Ukraine.

BP reported today it earned £7.1 billion in the quarter ending in September compared to £2.9 billion in the same period last year.

It comes at a time many Scots are struggling to pay household fuel bills and face yet more soaring energy costs this winter.

Opposition parties are now demanding the UK Government extends its windfall tax scheme to claw back some of excess profits being earned by likes of BP.

Mark Ruskell, Scottish Greens environment spokesman, said: "The oil and gas giants may be raking in utterly obscene profits, but the planet is suffering and so are millions of households across the UK and beyond.

"Companies like BP are paying lip service to renewables while taking us ever closer to environmental breakdown. They aren’t doing it alone.

"They are being supported by a UK Government that is in the process of granting even more oil and gas exploration licences while the world burns.

"It is the worst kind of climate vandalism. We can’t go on like this. The more fossil fuels we burn now the greater the action that we will need to take if we are to have a sustainable future.

"At heart this is a question of what kind of future and what kind of planet we want to leave behind. If we want it to be one where future generations can live and thrive then we need far reaching climate action and we need it now.

"We need to fundamentally change our energy system so that it works for people and the planet."

Sharon Graham, general secretary of the Unite trade union, said: "Workers and communities face financial calamity this winter while energy giants like BP are making billions in unfettered profits. It’s clear our economy is broken.

"Unite’s independent profiteering report has established that it is corporate greed and profiteering which is driving inflation not workers’ wages.

"It’s time to stop tinkering at the edges. The Labour movement must seize the moment, take control of the debate and make the undeniable call to bring the energy giants into public ownership."

BP has confirmed it will pay UK windfall taxes this year.

It told shareholders it will pay out £2.2 billion) in taxes for its UK North Sea business in 2022, including £695 million of tax related to the energy profits levy.

The UK Government launched the energy profits levy windfall tax in May for North Sea oil and gas producers.

But Shell confirmed last week that it does not expect to pay out for the tax this year as firms are able to offset potential tax payments through investment.

BP chief executive Bernard Looney said: "This quarter’s results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy.

"We are providing the oil and gas the world needs today – while at the same time investing to accelerate the energy transition."

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