Profits for BP have soared following high energy prices after Russia’s invasion of Ukraine. In a statement, the energy giant has unveiled profits of an eye-watering $8.2bn (£7.1 billion) in the last quarter, compared to $3.3bn (£2.9 billion) in the same period last year.
The report has led to further calls for an increase to the government’s windfall tax on energy firms. Ed Miliband, Labour’s shadow climate change secretary, called the profits “damning evidence of the failure of the government to levy a proper windfall tax.”
Whilst former Business Secretary Alok Sharma tweeted: “We need to raise more money from a windfall tax on oil and gas companies and actively encourage them to invest in renewables.”
So who owns BP, who is their CEO and how much profit have they made? Here’s everything you need to know.
Who owns BP?
BP, also known as British Petroleum, is a British oil and gas company, with its headquarters based in London. As of 2020 they are the fourth-largest oil company in the world after PetroChina, Sinopec, and Saudi Aramco.
BP are owned by shareholders, with shares traded publicly on the London Stock Exchange and the Frankfurt Stock Exchange in Germany. Reported by Investopedia, the five largest shareholders that own BP are: State Street, BlackRock, Dimensional Fund Advisors, Fisher Investments, and Menora Mivtachim.
Who is Bernard Looney?
Bernard Looney is the current CEO of BP, the 51-year-old who is from Kerry, Ireland has spent his entire career working for the company joining in 1991. He worked in a number of operational and managerial positions, including in Alaska, the Gulf of Mexico, Vietnam and the UK North Sea. His appointment as CEO was announced in October 2019, with Looney replacing Bob Dudley in July 2020.
In February 2022 he resigned as a trustee of the Russian Geographical Society following Russia’s invasion of Ukraine.
How much does he earn?
Reported by OGV Energy, the oil and gas CEO earned £4.5 million pounds in 2021, this included a £142,000 wage increase and a £2.4 million bonus for his performance.
What is Bernard Looney’s net worth?
Looney’s net worth is not publicly published and he is not included on Forbes Magazine’s list of billionaires. Considering that his annual wage in 2021 was £4.5 million, Looney is expected to be a millionaire.
How much are BP’s profits?
BP made $8.2 billion (£7.1 billion) between the months of July and September in 2022, compared to $3.3bn (£2.9 billion) for the same period in 2021. The company expects to pay $800 million in UK windfall tax, but considering the soaring cost of energy prices, there have been calls for the government to raise its windfall tax rate.
Ed Miliband, Labour’s shadow climate change secretary took to Twitter to call out the profits as “damning evidence of the failure of the government to levy a proper windfall tax.”
He tweeted: “Today’s BP profits are damning evidence of the failure of the Tories to levy a proper windfall tax. Rishi Sunak should be hanging his head in shame that he has left billions of windfall profits in the pockets of oil + gas firms during an energy crisis.”