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BP has reignited the row over the vast scale of energy company money making since the start of the Ukraine war when it reported record profits of £23 billion last year.
The figures come days after Shell revealed it made £32.2 billion meaning that Britain’s two biggest oil and gas companies notched up almost £60 billion in profits in total last year.
The scale of the profits by the two “supermajors” at a time of soaring gas prices following Russia’s invasion of Ukraine will lead to renewed calls for a bigger and longer windfall tax on the sector.
BP also upped its dividend payout to shareholders by 10 per cent alongside a share buyback of $2.75 billion
BP said that it would invest an additional £6.6 billion each in renewable energy transition, and in oil and gas, as boss Bernard Looney promised to keep affordable energy flowing.
Mr Looney said: “It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon – all three together, what’s known as the energy trilemma.
“To tackle that, action is needed to accelerate the transition. And – at the same time – action is needed to make sure that the transition is orderly, so that affordable energy keeps flowing where it’s needed today.
