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Insider UK
Insider UK
Business
August Graham & Peter A Walker

BP profits reach £23 billion after spike in oil and gas prices

BP's profit more than doubled last year, as the business benefited from runaway gas prices caused by the war in Ukraine.

The oil and gas giant stated that it would invest an additional £6.6bn each in the energy transition and in oil and gas, as chief executive Bernard Looney promised to keep affordable energy flowing.

The business said that underlying replacement cost profit - the figure most followed by analysts - had reached £23bn last year.

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