BP (BP) has reported record annual profits due to high energy prices after Russia's invasion of Ukraine, with profits more than doubling to $27.7 billion in 2022. The company has reduced its plans to cut emissions by 35-40% by the end of this decade to 20-30%, as it continues to invest in oil and gas to meet demands.

CEO Bernard Looney has announced that BP will spend $8 billion more on transition businesses and $8 billion more on oil and gas investments, with a capital expenditure of $16.3 billion in 2022 and plans to spend $16-18 billion this year, an increase from its previous target of $14-16 billion a year until 2025.