The company recorded annual losses following taxes of $2.5 billion, compared to a net profit of $7.6 billion in 2021.
Excluding the exceptional negative impact, profits more than doubled to $27.7 billion thanks to higher oil and gas prices, similar to the huge revenues achieved by BP’s competitors in 2022.
Oil and gas prices rose last year following Russia’s attack on neighboring Ukraine, one of the world’s largest energy producers, caused major supply constraints.
While consumers suffer from soaring heating and electricity bills, causing a cost of living crisis, shareholders benefited greatly from the increased revenues through increases in dividends and share buybacks.
BP said its dividend for the fourth quarter would increase by 10 percent and announced a share buyback totaling $2.75 billion.
Energy companies are using their big profits to invest in renewables as they face pressure from governments to become greener.
BP updated its green strategy on Tuesday, as well as its results, and was immediately accused of trying to cover up the damage caused by continuing to produce fossil fuels.
“It’s time to stop digging and make polluters… pay for the climate damage they are causing around the world,” Kate Blagojevich, UK climate justice officer for Greenpeace, said in a statement.
© 2023 AFP
