BP swings into $7.6b annual profit after huge loss

BP returned to profit in 2021 as oil and gas prices surged following a huge loss the prior year when the pandemic struck, the British energy giant revealed Tuesday.

BP posted a net profit of $7.6 billion (6.7 billion euros) last year, compared with a loss after tax of $20.3 billion in 2020, the company said in a statement.

“2021 shows BP doing what we said we would -- performing while transforming,” said BP chief executive Bernard Looney.

The company also announced plans to accelerate its target to reduce operational carbon emissions.

“We are accelerating the greening of BP,” Looney said. 

“This allows us to raise our low carbon ambitions, and we are now aiming to be net zero across operations, production and sales by 2050 or sooner -- unique among our peers.”

BP also said it would return $4.15 billion to shareholders via a share buyback thanks to a surplus cash flow.