Tuesday saw the arrival of yet another record full-year result for an oil and gas company, with BP joining the ranks of Big Oil outfits boasting a bonanza in 2022.

Excluding the costs related to severing ties with Russia, BP generated earnings to the tune of USD 27.7bn, the highest ever, according to news agency Reuters.

The company’s record follows several other record-breaking results presented by, for instance, Shell and ExxonMobil.

Profits in 2022 more than doubled compared to 2021, although it is difficult to compare the two. 

In 2021, many parts of the world were still subject to varying degrees of Covid-19 restrictions, which put a damper on the economy. Meanwhile, in 2022, Russia’s invasion of Ukraine led to soaring energy prices.

This surge in energy prices is reflected in the annual accounts across the oil industry.

Last week Shell released its 2022 accounts showing a profit to the tune of USD 40bn, according to Reuters.

The last record from 2008 showed a result of USD 31bn.

ExxonMobil proved to be the most profitable of the top oil producers, closing out 2022 with USD 56bn in profit.

This corresponds to EUR 6.3m in profit every hour of 2022.

According to Reuters, a profit of such magnitude has never before been seen in the Western oil industry.