BP swings into profit, accelerates carbon reduction

BP returned to profit in 2021 as oil and gas prices surged, rebounding from a huge loss the prior year when the pandemic struck, the British energy giant revealed Tuesday as it also accelerated plans to cut carbon emissions.

BP posted a net profit of $7.6 billion (6.7 billion euros) last year, compared with a loss after tax of $20.3 billion in 2020, the company said in a statement.

“2021 shows BP doing what we said we would — performing while transforming,” said BP chief executive Bernard Looney.
The company announced plans to accelerate its target to reduce operational carbon emissions.

“We are accelerating the greening of BP,” Looney said.