BP's Irish CEO backs away from fossil fuel reductions after €26bn profits

The company made record profits after the cost of energy soared during 2022

Bernard Looney, chief executive of BP . Photographer: Hollie Adams/Bloomberg

BP delivered record profits of $27.7 billion (€25.9 billion) in respect of 2022, as the Russian invasion of Ukraine pushed up energy prices last year.

The result is more than double its profits of $12.8 billion in 2021.

The company, headed by Irish man Bernard Looney, delivered earnings of interest, taxation, depreciation, and amortisation (Ebitda) of $61 billion last year.

When Looney took over as head of the company in 2020, he promised to quickly ...