British Petroleum (BP) achieved record annual profits, as replacement cost earnings - which exclude non-recurring items and fluctuations in inventory value - jumped to $27.7 billion in 2022 compared to $12.8 billion in 2021, a growth of 116.4%.
According to Arabiya.net, these profits come amid increasing calls for the UK government to increase taxes on companies that benefit from high oil and natural gas prices after the Russian invasion of Ukraine.
The figure recorded last year surpasses the $26.8 billion the company made in 2008 when tensions in Iran and Nigeria pushed global oil prices to nearly $147 a barrel, according to the Associated Press.
BP also increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion in shares from shareholders.
But the general fallout, particularly in the parent company's country, is likely to mar this good news for BP shareholders.
High oil and gas prices have hit Britain hard, with hyperinflation prompting a wave of strikes in the public sector, and politicians demanding higher taxes on energy companies to contribute to the costs of public services.
Similar criticism was leveled at London-based Shell last week when it announced that its annual profit had doubled to a record $39.9 billion last year.
These abundant profits have prompted demands for energy companies around the world to do more to offset higher energy bills.
It is noteworthy that the US-based Exxon Mobil Corporation achieved record profits of $ 55.7 billion.
