LONDON—BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions 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 Ukraine’s war, prompting new calls to further tax the sector as households struggle to pay energy bills.
Three years after CEO Bernard Looney took the helm with an ambitious plan to pivot BP away from oil and gas towards renewables and low-carbon energy, the company said it will increase annual spending in both sectors by $1 billion with a sharper focus on developing low-carbon biofuels and hydrogen….