Most oil companies this fiscal report season are benefiting from last year's high prices of oil and natural gas, and British BP is no exception.

The supermajor closes 2021 with USD 7.565bn in profit – a clear advance from the deficit of USD 20.305bn on the bottom line of full-year 2020.

Looking instead at the adjusted operating result, which BP terms underlying replacement cost, the company shows profit of USD 12.8bn against USD -5.7bn from the year prior.

Adjusted earnings before interest, taxes, depreciations and amortizations total USD 30.8bn against USD 19.2bn in 2020.

2021 revenue sums to USD 164.2bn, up from USD 109bn on the top-line post from the preceding year.

"2021 shows BP doing what we said we would – performing while transforming. We've strengthened the balance sheet and grown returns," writes BP Chief Executive Bernhard Looney in the statement on the report:

"And we're investing for the future. We've made strong progress in our transformation to an integrated energy company: focusing and high grading our hydrocarbons business, growing in convenience and mobility and building with discipline a low carbon energy business – now with over 5GW in offshore wind projects – and significant opportunities in hydrogen."

These results are well supported by last year's high oil and gas prices as well as increased output – partially offset by weaker oil trading performance and the effect of higher energy costs for operations such as refining, BP writes.

Natural gas and electricity prices have surged globally since the middle of last year due to tight gas supply and higher demand resulting from many countries gradually reemerging from the Covid-19 pandemic – a situation that's been a boon to oil outfits around the world as of late.

The average price of BP's Brent was USD 70.91 a barrel against USD 41.84 in 2020.

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