Energy prices lift BP profits to 8-year high

LONDON: BP’s profits hit their highest in eight years in 2021, lifted by soaring gas and oil prices, as the company boosted share repurchases and accelerated plans to cut emissions with increased spending on low carbon energy.
BP’s rebound to an annual profit of $12.85 billion after a large loss in 2020, is likely to add to calls in Britain for higher taxes on energy producers to help reduce consumers’ energy bills.
“It’s all about one thing, one thing only – delivering the strategy that we laid out. That’s working,” chief executive Bernard Looney told Reuters.
The results were supported by higher oil and gas prices and production, partly offset by weaker oil trading results and the impact of higher energy costs on operations such as refining, the company said.