BP

Climate-focused investors irked by BP’s pivot back to oil

Spread the love
Just Stop Oil protests at BP
Just Stop Oil protests at BP

https://www.reuters.com/business/sustainable-business/change-bp-climate-goal-concern-emissions-focused-investors-shareholder-2023-02-10/

LONDON, Feb 10 (Reuters) – Some climate-focused investors in BP (BP.L) voiced concern this week about the company’s announcement that it has scaled back climate targets and now plans to produce more oil and gas for longer, yet the company’s share price continued to surge on Friday.

Chief Executive Bernard Looney’s strategy revision on Tuesday included a cut to BP’s 2030 emissions reduction target. Three years ago, he took the helm with a vow to re-invent the oil and gas company.

…

Bruce Duguid, head of stewardship at Federated Hermes, which co-leads negotiations with BP over its energy transition on behalf of a large group of institutional investors called Climate Action 100+, voiced concern over Looney’s pivot.

“In the context of a very strong financial outcome, those investors with net-zero goals, including many of our clients, will be concerned at such a material change to BP’s 2030 absolute emissions reduction target,” Duguid said in a statement to Reuters.

…

https://www.reuters.com/business/sustainable-business/change-bp-climate-goal-concern-emissions-focused-investors-shareholder-2023-02-10/

Continue ReadingClimate-focused investors irked by BP’s pivot back to oil

Huge oil and gas profits should be returned to climate change victims, campaigners urge

Spread the love

https://morningstaronline.co.uk/article/b/huge-oil-and-gas-profits-should-be-returned-climate-change-victims

Demonstrators participate in a Fridays for Future protest calling for money for climate action at the COP27 U.N. Climate Summit, Friday, Nov. 11, 2022, in Sharm el-Sheikh, Egypt.

HUGE profits declared by oil and gas firms should be channelled towards compensating for the loss and damages suffered by victims of climate change, campaign group Greenpeace has urged.

Following Shell’s announcement last week of its record high profits of £32.2 billion last year, BP is expected to announce record profits of its own tomorrow.

The firm has already announced more than £20bn profit for the first three quarters of last year.

Collectively, energy giants Shell, BP, Chevron, Exxon, and Total are believed to have pocketed almost £166bn in profits last year, said Greenpeace.

…

https://morningstaronline.co.uk/article/b/huge-oil-and-gas-profits-should-be-returned-climate-change-victims

Continue ReadingHuge oil and gas profits should be returned to climate change victims, campaigners urge

BP scales back climate goals as profits more than double to £23bn

Spread the love

https://www.theguardian.com/business/2023/feb/07/bp-profits-windfall-tax-gas-prices-ukraine-war

Just Stop Oil protests at BP
Just Stop Oil protests at BP

BP has scaled back its climate ambitions as it announced that annual profits more than doubled to $28bn (£23bn) in 2022 after a sharp increase in gas prices linked to the Ukraine war boosted its earnings.

In a move that will anger campaigners, the oil and gas giant cut its emissions pledge and plans a greater production of oil and gas over the next seven years compared with previous targets.

The huge annual profit led to renewed calls for a toughened windfall tax, as oil companies reap rewards from higher gas prices while many households and businesses struggle to cope with a sharp rise in energy bills.

…

Kate Blagojevic, Greenpeace UK’s head of climate justice, said: “BP is yet another fossil fuel giant mining gold out of the vast suffering caused by the climate and energy crisis.

“What’s worse, their green plans seem to have been strongly undermined by pressure from investors and governments to make even more dirty money out of oil and gas. This is precisely why we need governments to intervene to change the rules.”

…

https://www.theguardian.com/business/2023/feb/07/bp-profits-windfall-tax-gas-prices-ukraine-war

Continue ReadingBP scales back climate goals as profits more than double to £23bn

How much tax do oil companies usually pay?

Spread the love
Image of loads of money
Image of loads of money

Part of a wider article by BBC discussing the UK’s Windfall tax on big oil and gas companies.

…

Shell initially said it did not expect to pay any windfall tax for 2022, as its North Sea investments meant was not considered to have made any UK profits.

But on 2 February it announced that it would pay $134m (£108m) for 2022, and expected to pay more than $500m (£400m) for 2023.

BP said it would pay $700m (£583m) in windfall tax for 2022.

…

BP and Shell both received more money back from the UK government than they paid every year from 2015 to 2020 (except 2017, when Shell paid more than it received).

Shell also paid a negative amount of tax in 2021, taking its 2015 to 2021 total to -£685m of tax in the UK.

BP paid more money in tax than it received back in 2021, taking its total between 2015 and 2021 to -£107m.

…

Continue ReadingHow much tax do oil companies usually pay?

BP makes historic £23bn profit as Brits freeze and the planet burns

Spread the love
Just Stop Oil protests at BP
Just Stop Oil protests at BP

Campaigners call for polluters’ tax as oil firms make record gains

UNION leaders have attacked Tory weakness on taxing big oil companies after BP announced record-high profits off the back of the energy crisis.

As millions struggle to heat their homes across the UK, the energy giant revealed it raked in $27.7bn (£23bn) in profit in 2022 — more than double the previous year.

The firm also admitted that it will miss its carbon emissions pledge, saying it was now aiming to reduce emissions by 20-30 per cent by 2030, down from 35-45 per cent, and will continue to invest in oil and gas.

It comes after oil firm Shell also reported bumper profits last week, totalling an eye-watering $40bn (£33bn) — the highest in the company’s 115-year history — with both firms benefiting from the sharp rise in energy prices linked to the war in Ukraine.

The obscene profits have sparked renewed calls for PM Rishi Sunak to toughen the government’s “inadequate windfall tax on energy firms.”

…

https://morningstaronline.co.uk/article/b/bp-makes-historic-23bn-profit-as-brits-freeze-and-the-planet-burns

Continue ReadingBP makes historic £23bn profit as Brits freeze and the planet burns