UK energy giant BP’s profits double to $27.7 billion
By DANICA KIRKA
Associated Press
LONDON (AP) — British energy firm BP has reported record annual earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia’s invasion of Ukraine. The London-based company said Tuesday that underlying replacement cost profit jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. Last year’s figure beat the $26.8 billion BP earned in 2008 when tensions in Iran and Nigeria pushed world oil prices to more than $147 a barrel. BP also increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.
