BP profits hit record £23BILLION in 2022 while energy bills soared

BP has reported record profits for last year after gas prices spiked in the aftermath of Russia's invasion of Ukraine.

The oil giant announced that it have seen underlying profit more than double to £23billion in 2022.

Following the results, the company said that it would invest an additional £6.6billion each in the energy transition, and in oil and gas to keep affordable energy flowing.

BP chief executive Bernard Looney said: “We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row.

“Importantly, we are delivering for our shareholders – with buybacks and a growing dividend.

“This is exactly what we said we would do and will continue to do – performing while transforming.”

Following sanctions imposed on Russia as a result of Vladimir Putin's barbaric war last February, the price of Brent crude oil reached nearly $128 (£106). That has since fallen back to about $80 (£66.50).

Gas prices also spiked before falling slightly from their highs.

At the same time England has seen household energy bills skyrocket. Average annual energy bills were about £1,250 in the winter of 2021-22 but the typical household now pays about £2,500 a year.

The cost is set to rise again to £3,000 a year from April.