London, Europe Brief News – BP PLC reported its highest full-year profit for the coming eight years on Tuesday. BP Revenue has increased as the Gas and oil prices hit their all-time high.
The rising oil and gas prices are directly impacting domestic fuel bills for millions of people around the country.
Shareholders to earn handsome profits
The British energy company stated that its fundamental cost profit was $12.8 billion in 2021. Before hitting $12.8 billion this year, the company suffered huge losses of $5.7 billion.
The final quarter of this year took a lead and the figures are much higher than expected with $4.07 billion. The company claimed to provide shareholders with a reward of a $1.5 billion share-buyback program.
The shareholders can get reward money when the first quarter of 2022 results are out. The dividend payout will be worth 5.46 cents a share for the fourth quarter.
BP has recovered well enough from the disaster that happened due to the effects of the coronavirus pandemic.
Coronavirus pandemic shut out a major part of the global economy. This made thousands of companies suffer financially. Oil and Gas prices have never been the same since the reopening of economies.
The Russian-Ukraine issue is also causing the oil and gas price to go sky high as tension is peaking in the West.
Onus on the house owner and businesses
BP is enjoying handsome profits over the last few months but British businesses and households are going through a lean patch because of increasing inflation.
The consumer price index reaches 5.4% in December as the energy bill prices go sky-high. Britain’s energy regulator made an announcement last week about the rising prices.
They said the household gas and electricity price will go up by 54% by the time we reach the month of April.
British opposition parties have asked energy firms to pay windfall tax which the government has been ignoring for a long time.
Ed Miliband, climate spokesman for the opposition labour party said “The boss of BP described the energy price crisis as a cash machine for his company and the people supplying the cash are the British people through rocketing energy bills”.
He also added that in this desperate situation, it is the responsibility of Oil and gas producers to help out the families going through a cost of living crisis.
BP also shared their plans to increase their spending on low carbon and renewable energy.
