BP revealed it earned $28bn (£23bn) in 2022, following the sharp increase in fuel prices brought about by Russia's invasion of Ukraine.
The company also announced it would be scaling back on its plans to reduce the amount of oil and gas it produces by 2030. BP now expects its fossil fuel production to fall by 25 per cent by 2030, compared to a previous expectation of 40 per cent.
BP was one of the first oil and gas giants to announce an ambition to cut emissions to net zero by 2050, and had previously promised that emissions would be 35-40 per cent lower by the end of this decade.
The change in policy has been justified by chief executive Bernard Looney, as part of a plan to address energy security following the disruption to oil and gas markets caused by Russia’s war on Ukraine.
BP is also increasing its investment in greener energy, planning to invest up to $65bn (£54bn) between 2023 and 2030 into products such as bioenergy, electric car charging...