BP posts record profit of $28b

British multinational energy company bp reported a record profit of $27.6 billion for 2022, with strategic growth in the convenience sector.

Following a surge in energy prices due to the Russian invasion of Ukraine, the oil giant more than doubled its previous years profit of $12.8 billion, and recorded an underlying replacement cost profit of $4.8 billion for the fourth quarter alone.

Three years ago, bp announced it would be pivoting from an International Oil Company (IOC) to an International Energy Company (IEC), and Bernard Looney, CEO of bp, said he is happy with what the team has delivered since then.  

“Bp is performing. Our businesses are running well, our costs are being controlled, we are reducing emissions, we are growing value, – our strategy is working – and we are more confident than ever that the strategy we announced in 2020 is the right one. As we have said consistently, we are ‘performing while transforming’.”

Looking at the combined convenience and EV sector, bp introduced 250 new strategic convenience sites in 2022, and increased its charging network to over 22,000 EV charge points, with nearly all new rollouts being either rapid or ultra-fast.

The company has set a target for of having 3000 strategic convenience sites and 40,000 EV charge points by 2025.

“We are excited about bringing our capabilities and reach in Convenience together with EV Charging, enabling us over time to provide customer-focused, lower carbon transport solutions, and our confidence is underpinned by strong strategic momentum in 2022,” explained Looney.

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