BP has revealed record annual profits, just days after rival Shell also reported a bumper profit. 

Shareholders are delighted as the company beat most market predictions and revealed underlying replacement cost profits of £23 Billion for 2022. More than double the previous year.

The figure will further inflame the debate around windfall taxes amid the energy-drive cost of living crisis. 

The British oil and gas company has changed tack with regards to its green investments at a time when it can maximise profits amid booming demand for fossil fuels and may thus not achieve its long-term ambition to hit net zero by 2050.

Its CEO, Bernard Looney, wants to “dial back” BP’s investments into clean energy since the returns on renewables, such as wind and solar, have been miniscule when compared to the company’s record profits from fossil fuels, thus keeping shareholders on its side.

BP's share price rose by 25% last year and is expected to get a boost when markets open today.