BP earns £6.9bn as Brits grapple with rising energy bills

BP posts its highest profit in 14 years at £6,900,000,000 as fuel prices soar

Households across the UK have been warned they could face annual energy bills of over £3,600 this winter (Image: Xavi Lopez/SOPA Images/Shutterstock)

BP has reported record profits of £6.9 billion as millions grapple with the rising cost of energy bills.

It is the oil giant’s highest second-quarter profit in 14 years and follows a £5.11 billion profit in the first three months of 2022.

The result is even better than expected and should cause a stir after rival Shell’s record profits and British gas owner Centrica’s mammoth gains last week.

Meanwhile, some British families are faced with a choice between eating and heating this winter The bills will rise again in October.

Households have now been warned that a regular gas and electricity bill in England, Wales and Scotland could reach £3,615 in the New Year.

Energy adviser Cornwall Insight’s new forecast is hundreds of pounds higher than previous forecasts.

BP’s reported half-year figures were impacted by a massive £19.9 billion loss on a decision to divest its nearly 20% stake in Russian oil producer Rosneft.

The move, in response to Russia’s brutal invasion of Ukraine, left the company with £13bn of net replacement cost losses.

BP chief executive Bernard Looney said in February he was “deeply shocked and saddened” and his “heart goes out to all those affected”.

In May, the Government announced emergency energy rebates worth £400 per household.

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https://metro.co.uk/2022/08/02/bp-makes-6-9-billion-as-brits-struggle-with-soaring-energy-bills-17109904/ BP earns £6.9bn as Brits grapple with rising energy bills

Justin Scacco

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