BP saw an underlying profit of $4.1 billion in the final quarter of 2021. While in 2020 the oil giant saw a loss of $5.7 billion, in 2021, BP made a profit of $12.8 billion overall as global energy prices rocketed.
Announcing the company’s latest results, BP chief executive Bernard Looney said, “2021 shows BP doing what we said we would — performing while transforming. We’ve strengthened the balance sheet and grown returns. And we’re investing for the future. We’ve made strong progress in our transformation to an integrated energy company.”
However, the news of BP’s bumper profits will likely prompt a renewed wave of pressure for a windfall tax on fossil fuel companies to fund extra support for households who have been heavily impacted by the steep rise in energy bills. The UK Labour party has said it is “only fair and right” that energy firms making higher profits should pay higher rates of tax.
Last week, rival oil giant Shell reported bumper profits of $19 billion on the same day that Ofgem announced UK households could expect a 54% increase in their domestic energy bills from April.