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.
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.
Natural gas and electricity prices around the world have soared since the middle of last year because of tight gas supplies and higher demand as economies rebounded from pandemic shutdowns. ,
In the fourth quarter of 2021, BP’s underlying replacement cost profit, the company’s definition of net earnings, reached $4.1 billion, exceeding analysts’ expectations for a $3.93 billion profit.
That was the largest profit BP recorded since early 2013.
