bp slows transition to renewable energy as oil bonanza continues

Announces further $2.75 bn in share buybacks; annual profit more than doubles to a record $28 bn

bp on Tuesday reported a record profit of $28 billion for 2022 while boosting its dividend in a sign of confidence as it sharply raised overall spending plans and scaled back ambitions to reduce oil and gas output by 2030.
 
The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia's invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills.
 
Three years after Chief Executive Bernard Looney took the helm with an ambitious plan to pivot