British energy firm BP reported record annual earnings on Tuesday, fueling demands that the U.K. government boost taxes for companies benefiting from the high price of oil and natural gas after Russia’s invasion of Ukraine.
London-based BP said underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. That beat the $26.8 billion BP earned in 2008, when tensions in Iran and Nigeria pushed world oil prices to a record of more than $147 a barrel.
Ed Miliband, the opposition Labour Party’s spokesman on climate issues, called on the U.K. government to bring forward a “proper” windfall profits tax on energy companies. Bumper profits for energy companies around the world have sparked demands that the fossil fuel industry do more to offset high energy bills even as they cut climate-damaging carbon emissions. U.S.-based Exxon Mobil posted record earnings of $55.7 billion last week.
BP on Tuesday said it would boost investment in renewable energy, hydrogen and electric vehicle charging as well as its oil and gas businesses, plowing an additional $8 billion into the two segments through 2030.
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