Feb 8, 2022 - Energy & Environment

BP reports its highest profits in 8 years

Picture of a smartphone screen with the BP logo

Photo Illustration: Budrul Chukrut via Getty Images

BP on Tuesday announced its highest profits in eight years and unveiled new targets for investments in low-carbon energy.

Driving the news: The U.K.-based company reported $4.1 billion in Q4 2021 profits and a full-year haul of $12.8 billion.

  • BP also offered new details on its wider — and previously announced — goal of becoming a "net-zero" company by 2050.
  • The company now expects that by 2025, over 40% of its capital investments will go toward its "transition growth businesses" that include renewables, EV charging, hydrogen and other areas.

Why it matters: The earnings signal Big Oil's financial recovery on the strength of higher commodity prices.

  • The targets show the majors — especially Europe-based multinationals — are diversifying even as fossil fuels remain their main business.
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