BP reports record $28 billion in profit

BP reports record $28 billion in profit
BP reports record $28 billion in profit Photo by Jevanto-Productions Shutterstock.com

British multinational oil and gas company BP has announced record profit of $28 billion for 2022 

After reports of gains worth billions from Shell, Exxon Mobil and Chevron, the British multinational BP has also announced a record profit of $28 billion on Tuesday, February 7.  

This comes at a time when energy prices across the world increased, following the invasion of Ukraine by Russia.  

According to a Reuters, the company has also hiked its dividend, but has stepped back on its plans to “slash oil and gas output and reduce carbon emissions by 2030”.  

BP had announced ambition plans of making a shift from oil and gas towards renewables and low carbon energy solutions after the arrival of its CEO Bernard Looney.  

Earlier the company had earlier announced a cut down oil production by 40 percent per year.  

But now BP has stated that its “aiming to produce 2 million barrels of oil equivalent per day by 2030, down just 25% from 2019 levels”.  

As per the report, BP has also said that it will be increasing annual spending by $1 billion with an aim of developing hydrogen as well as low carbon biofuels.

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