<
https://www.theguardian.com/business/2023/may/02/bp-profits-energy-windfall-tax-oil-gas>
"Bumper profits at BP have been labelled “heinous” and sparked renewed calls
for a tougher windfall tax, after the oil and gas giant recorded one of its
best ever starts to the year while Britons struggled to pay high energy bills.
The energy company said its underlying profits reached $5bn (£4bn) in the first
three months of the year, outstripping analysts’ forecasts of $4.3bn.
It represents the second-best results for the first quarter it has notched up
since 2012, when it made $4.7bn, behind last year’s $6.2bn.
BP said its results had been boosted by reduced refining costs, an
“exceptional” result in its gas trading arm and a “very strong oil trading
result”. Volatility in the energy markets has increased revenues in the trading
divisions of oil companies.
The company said it would reward investors, buying back $1.75bn of its own
shares, a slowdown on the $2.75bn bought during the previous quarter. Shares
fell by 5% on Tuesday morning, making it one of the top fallers on the FTSE
100.
The results will return attention to the debate over whether oil and gas firms
should face a harsher windfall tax on their profits."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
