BP has posted $12.8 billion (£9.5bn) annual profit after benefitting from the surge in gas prices which has triggered an energy crisis in the UK.
The energy giant enjoyed a dramatic improvement in its trading performance last year amid the recovery in the global economy from the impact of the pandemic. This sent the group plunging $5.7bn into the red in 2020.
Chief executive Bernard Looney said BP had made good headway under the plans he has set out to transform the group from an oil and gas business into an integrated energy business. He wants BP to become a net zero business by 2050.
The group expects to use the profits generated by its oil and gas operations in areas such as the North Sea to fund investment in lower carbon energy facilities such as offshore windfarms.
“2021 shows BP doing what we said we would - performing while transforming,” said Mr Looney.
He added: “ We've made strong progress in our transformation to an integrated energy company: focusing and high grading our hydrocarbons business, growing in convenience and mobility and building with discipline a low carbon energy business.”
For example, Mr Looney noted the company had continued to advance its offshore wind strategy with a successful bid for a seabed lease option in the recent ScotWind auction.
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