Big Oil Bonanza

Big Oil Bonanza

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  • 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.

Why it matters

BP is cutting oil and gas production by 40% by 2030, but has come under criticism for high profits. Opposition parties in the UK have called on the government to increase the windfall tax.


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