Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

BP’s profits double to $27.7 billion

by February 7, 2023
February 7, 2023
BP’s profits double to $27.7 billion

British energy company has BP reported record annual earnings amid growing calls for the U.K. government to boost taxes on companies profiting from the high price of oil and natural gas after Russia’s invasion of Ukraine.

The London-based company said underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. Last year’s figure beat the $26.8 billion BP earned in 2008, when tensions in Iran and Nigeria pushed world oil prices close to more than $147 a barrel.

BP also increased its quarterly dividend by 10% and announced plans to buy back $2.75 billion of stock from shareholders.

But the good news for BP shareholders is likely to be tempered by the public fallout, particularly in its home country. High oil and gas prices have hit Britain hard, with double-digit inflation fueling a wave of public sector strikes, soaring food bank use and demands that politicians expand a windfall tax on energy companies to help pay for public services.

Similar censure was directed at London-based Shell last week, when it said annual earnings doubled to a record $39.9 billion last year.

The UK’s leading progressive thinktank, IPPR, responded to the announcement with Joseph Evans, researcher at IPPR, saying: ”While bill-payers across the UK are struggling with soaring costs, BP’s shareholders are reaping enormous payouts. After the oil giant made record profits in 2022 it passed an extraordinary £9.35 billion directly back to shareholders through share buybacks.

That’s a scandalous use of surplus cash which could have been used to lower bills, or invested in the green transition. America and Canada are already taking action on excessive shareholder payouts: it’s long overdue for the government to follow suit by introducing a tax on share buyback schemes.”

Read more:
BP’s profits double to $27.7 billion

0
FacebookTwitterGoogle +Pinterest
previous post
Exporter of the Year, Business Champion Awards’ finalists announced
next post
StoryTerrace agrees partnership with UKTV in airtime-for-equity deal

You may also like

National Apprenticeship Week: Using apprenticeships as a workforce...

February 2, 2024

Ex-BP boss Looney to lose £32m after ‘serious...

December 14, 2023

How to Contribute to Local Politics and Boost...

August 16, 2023

Pubs and brewers warn of closure as energy...

August 30, 2022

Only a quarter of companies expect staff in...

December 15, 2023

  From Exploration to Science: Innovative Technology and...

May 18, 2023

Living standards to stagnate in 2025 despite hopes...

December 27, 2024

Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy...

November 22, 2024

Reeves calls for ‘reset’ with EU to spur...

December 9, 2024

What Labour’s Victory Means for Employment Law: A...

July 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved