BP earnings triple as energy firm profits from rising prices

BP's earnings tripled in the second quarter as the British energy giant profited from oil and natural gas prices that soared after Russia invaded Ukraine.

The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10 per cent and announcing that it would buy back $3.5 billion in shares. BP said it expects to increase dividends by about 4 per cent annually through 2025. In the United Kingdom, where inflation reached a 40-year high of 9.4 per cent in June, the government has announced a 25 per cent windfall profits tax on the earnings of oil and gas companies that come from British operations.

“People are worried sick about energy prices rising again in the autumn, but yet again we see eye-watering profits for oil and gas producers,” Rachel Reeves, the party's spokeswoman on treasury issues, said in a statement. “Labour argued for months for a windfall tax on these companies to help bring bills down, but when the Tories finally U-turned they decided to hand billions of pounds back to producers in tax breaks.

Some times capitalism isn’t best personally I think natural resources should be government controlled sold at cost to the citizens the excess sold at market value to other countries. This should be world wide not just the US.

*raising* atleast you didn’t use the fake word ‘inflation’ in this case

Nooo... BP decided to gouge customers to triple their profits. There, fixed your headline for ya.

Raising. Not “rising”. Raising. They profited from _raising_ prices.

Danger capitalism at its best.

But isn’t it Trudeau’s fault?

Pfizer's earning was more

The higher the price at the pumps, the higher the carbon tax collected by Trudeau

Just imagine the profits, if Justine did not hate, oil!!

Oh no, profits? How dare they?

Someight call it gouging...if they arent losing on tight supply or shipping costs ehy raise prices....Mr. Trudeau

why am I not surprised?

if i were a bible person I might look at pandemic profits as the 'false profits' from the bible, especially considering how most of them got their money

Now imagine if CTV would report how much our sanctions have put into Putin's pocket to fund his war?

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