BP profits triple to highest amount in 14 years as Brits endure soaring energy prices

2 August 2022, 07:21 | Updated: 2 August 2022, 09:10

BP posted bumper profits
BP posted bumper profits. Picture: Getty

By Will Taylor

BP has tripled its profits to £7bn in the last quarter, its highest taking for 14 years, as energy prices soared.

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The energy giant's massive take follows bumper profits recently posted by the likes of Shell and Centrica – as ordinary Brits endure ever rising costs at the forecourts and in their energy bills.

The oil giant's underlying replacement cost profits in the three months to June 30 rose up from £2.8bn last year.

BP chief executive Bernard Looney said: "Today's results show that BP continues to perform while transforming.

"Our people have continued to work hard throughout the quarter helping to solve the energy trilemma - secure, affordable and lower carbon energy.

"We do this by providing the oil and gas the world needs today - while at the same time, investing to accelerate the energy transition."

Meanwhile, its half-year figures were hit by its decision to drop its stake of almost 20% in Rosneft, the Russian oil producer, after the invasion of Ukraine.

That left the firm with bottom line replacement cost losses of £13bn.

Last week, Shell broke its profit record for a second consecutive quarter as it made £9.5bn.

Windsor-based Centrica, which owns British Gas, posted operating profits of £1.3bn in the six months to the end of June, a five-fold increase on the same period last year.

The profits triggered a wave of anger at energy firms after energy bills and petrol prices climbed steeply in the first half of 2022.

Their massive takings come as consultancy group BFY warned that bills could hit £500 in January next year, and expects the price cap to hit £3,850 between then and April.

The earnings have led to calls for more windfall taxes.

But Brexit minister Jacob Rees-Mogg told LBC: "I'm not in favour of windfall taxes. The energy industry is enormously cyclical.

"You need to have a profitable oil sector so it can invest in extracting energy."