Energy giant BP posted a record annual profit on Tuesday.
BP's total profit more than doubled in 2022 after the Russia-Ukraine conflict pushed up fossil fuel prices. The company's full-year net profit of $27.7 billion in 2022 was higher than analysts' expectations of $27.6 billion, hitting a record high. The previous record annual profit was $26.3 billion in 2008.
BP's adjusted net profit in the fourth quarter of 2022 was $4.8 billion, slightly higher than analysts' expectations of $4.7 billion; net debt in the fourth quarter fell to $21.4 billion from $30.6 billion in the same period last year.