Nov 2, 2021
BP profits rise amid soaring energy prices
BP's profits have risen sharply as oil and gas prices soar amid a global economic bounce back. Its boss Bernard Looney told Reuters that the oil giant was "a cash machine at these sort of prices". Its third quarter profits mark a significant rise from the $2.8bn profit seen in the second quarter and $86m a year earlier, when energy demand and prices collapsed due to Covid. BP plans to sharply reduce its carbon emissions in the coming decades by increasing its renewable power capacity 20-fold by 2030, while reducing its oil output by 40% and diverting more funds to low-carbon investments. Chief market analyst at CMC Markets UK, said "The company can talk about 'Performing while Transforming' all it likes but it needs to prove to shareholders and the markets as a whole that it can transition to renewables in a way that doesn't hammer its margins, and the jury is likely to remain out on that." Mr Looney said the company had not faced calls from investors to split into separate low-carbon and oil and gas divisions, after an activist fund called for rival Royal Dutch Shell to break up its business last week.
Related companies
Make a complaint about BP by viewing their customer service contacts.
