Oil and gas giant BP confirmed it more than doubled its annual profit in 2022 to £23 billion ($27.7 billion), up from the £10.6 billion ($12.8 billion) witnessed in 2021, owing to soaring oil and gas prices.
The profits witnessed by BP across 2022 have been propelled by soaring oil and gas costs amid the war in Ukraine as the UK transitions away from Russian imported fossil fuels.
Controversially, BP has also slashed its 2030 emissions reduction target from 35-40% to 20%- 30%, when compared with 2019 levels, as it aims to increase production in this sector.
These profits have been released just a week after Shell recorded its “highest-ever” annual profits in 2022 amounting to £32.2 billion ($38.66 billion). On these profits, Shell paid £1.86 billion ($2.23 billion) in taxation due to both the UK and EU windfall taxes.
The UK Energy Profits Levy, also known as the windfall tax, has allowed both BP and Shell to both record soaring profits for 2022. BP confirmed that through this legislation, it would pay a total of £582 million ($700 million) in total for the UK windfall tax alone.
This has sparked yet another heated debate around the UK’s windfall tax and the lack of a “level playing field”.
Read more: Current+
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