BP records highest profit in decade as cost of living surges

BP’s earnings for the primary three months of this yr have greater than doubled after oil and fuel costs soared (Image: EPA)

BP has revealed document underlying earnings – because the dwelling value disaster continues throughout the UK.

The vitality big did nevertheless additionally face a quarterly loss, after abandoning a near-20% stake in oil producer Rosneft, which the corporate co-owned with Russia.

However hovering oil costs nonetheless meant the corporate fared effectively over all.

Its underlying alternative value earnings greater than doubled to £5 billion from £2.1 billion a yr in the past due to the growing value of crude.

The most recent figures have prompted additional requires extra to be completed, by each the federal government and oil firms, to offset spiralling vitality prices for struggling households.

This morning, Susanna Reid informed prime minister Boris Johnson she’d had a name from 77-year-old pensioner Elsie, whose vitality payments have risen from £17 a month to £85 a month.

Susanna stated: ‘To chop down on spending, Elsie has resorted to consuming one meal a day. She’s shedding weight, she’s 77.’

Some have known as on the federal government to impose a windfall tax on corporations comparable to BP.

Boris Johnson appeared on GMB and was questioned on the dwelling value disaster (Image: GMB)

Such a transfer, already enacted in Spain and Italy, would goal firms who profit from one thing they weren't immediately accountable for.

Ed Miliband, shadow secretary of state for local weather and internet zero, stated at present: ‘BP’s outcomes but once more show the case for a windfall tax.

‘In these circumstances, it's only truthful and proper for oil and fuel producers to contribute to serving to the tens of millions of households going through hovering inflation and a price of dwelling disaster.’

However, on GMB at present, Mr Johnson stated: ‘In the event you put a windfall tax on the vitality firms what which means is that you just discourage them from making the investments that we need to see that ultimately will preserve vitality costs decrease for everyone.’

BP’s earnings have been influenced by a pointy rise in oil costs – which got here partly as covid restrictions eased throughout the UK (Image: EPA)

BP says it is going to make investments as much as £18 billion into the UK vitality system by 2030 amid mounting stress to assist with the cost-of-living disaster.

It additionally plans to put money into North Sea oil and fuel whereas additionally exploring a variety of decrease carbon vitality tasks within the UK, to spice up jobs.

Chief government Bernard Looney stated: ‘In 1 / 4 dominated by the tragic occasions in Ukraine and volatility in vitality markets, BP’s focus has been on supplying the dependable vitality our prospects want.

‘Our choice in February to exit our shareholding in Rosneft resulted within the materials non-cash expenses and headline loss we reported at present.

‘But it surely has not modified our technique, our monetary body or our expectations for shareholder distributions.’

He additionally informed the Monetary Occasions he understood many households had been ‘actually, actually struggling’.

One other massive vitality firm, Shell, will report its newest outcomes on Might 5.

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