BP swings into $7.6 bln annual profit after huge loss

BP swings into $7.6 bln annual profit after huge loss
# 08 February 2022 12:38 (UTC +04:00)

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, APA-Economics reports citing BP.

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 said it aims to reduce operational emissions by 50 percent by 2030.

That compared with its previous target of 30-35 percent by the end of the decade on its path to net zero by mid-century.

"The past two years have reinforced our belief in the opportunities that the energy transition presents -- to create value for our shareholders and to get to net zero," added Looney, who became BP chief executive when the coronavirus began taking hold worldwide in early 2020.