Oil giant BP announced on Tuesday that it has more than doubled its profit to a record-breaking $27.6 billion, surpassing its previous record set in 2008 by $1.6 billion.
This impressive performance, achieved despite a $25 billion write-down on Russian assets, is the best result in the company’s 114-year history. The increase in earnings was largely driven by high oil and gas prices, which rose sharply due to the war in Ukraine.
BP’s shares rose 5.6% on Tuesday, following a 44% increase in value last year and a 30% increase the year prior. The stock is now trading at its highest level since November 2019. The success of BP is comparable to other leading oil and gas companies such as Shell, which doubled its profit to over $38 billion, ExxonMobil, which saw a gain of $55.7 billion compared to $23 billion the previous year, and Chevron, which reported $35.5 billion in profit compared to $15.6 billion in 2021.
In conclusion, BP has achieved a historic record in profits, more than doubling its earnings to $27.6 billion despite a significant write-down on Russian assets. This performance is in line with other leading oil and gas companies, and BP’s shares are trading at their highest level in over two years.