BP profits surge as high gas prices hit household finances

[Omaha Steve]

Source: AP

LONDON (AP) — BP PLC reported its biggest full-year profit for eight years on Tuesday, its coffers boosted by soaring oil and gas prices that have hiked domestic fuel bills for millions of people.

The British energy giant said its underlying replacement cost profit — the industry standard — was $12.8 billion for 2021, compared with losses of $5.7 billion the previous year. The figure includes a better-than-expected $4.07 billion profit in the final quarter.

The company said it would reward shareholders with a $1.5 billion share-buyback program before its first-quarter 2022 results and a dividend payout of 5.46 cents a share for the fourth quarter.

BP has rebounded from a 2020 slump caused when the coronavirus pandemic shuttered large chunks of the global economy. Oil and gas prices have since surged, with prices driven upward by reopening economies and concern over gas supplies amid tensions over Russia’s military buildup near Ukraine.



FILE - A view of the BP logo at a petrol station in London, Tuesday, Aug. 1, 2017. BP PLC reported its biggest full-year profit for eight years on Tuesday, Feb. 8, 2022 its coffers boosted by soaring oil and gas prices that have hiked domestic fuel bills for millions of people. (AP Photo/Caroline Spiezio, File)


Read more: https://apnews.com/article/business-europe-economy-bp-plc-53fab51876b3a9f9cf7edf1794d0e371

[Fritz Walter]

1. Glad I'm driving an electric car!

Bought it used 3 years ago. Great for running around town, and then I just plug it in overnight to recharge.

For the month of January, I estimate I spent $13 on recharging it.

BP: Be-Gone!

[SheltieLover]

2. Shocking!

[twodogsbarking]

3. It is the law of supply and demand.

If you control the supply you can demand the price you want.

[ck4829]

4. Really?

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https://notcracker.freeforums.net/

[Lonestarblue]

5. Good old predatory capitalism strikes again.

[Dustlawyer]

6. "FUBP! Fostering United Beach Patrol." My BP oil spill shirt message I used to wear.

Evil company that puts profits over people.

[DENVERPOPS]

8. A friend who is "in the know"

says that humongous oil spill is merely "out of sight out of mind"...........

AND, that horrific chemical BP dumped on the massive spill, just congealed the oil and it sank to the ocean floor......

There is a giant mat of the congealed oil lying across a major area of the gulf like a massive rubber carpet.

WASF

[ck4829]

10. God...

Last edited Wed Mar 9, 2022, 07:50 AM - Edit history (1)

https://deepblueleague.freeforums.net/

[Dustlawyer]

12. I represented 10,000 victims and traveled the whole Gulf Coast.

They used the Corexit to sink, not disperse the oil. Yes it is all still there for thousands of years.

[DENVERPOPS]

13. The corexit didn't work as it was supposed to

They were sitting on tons of the shit, wondering how much it was going to cost them to dispose of it, especially since it was considered a Hazardous Material.

The Feds evidently knew that it wasn't going to naturally "eat" all the globs of oil as they had been told. Sooooo, someone, somewhere approved for them to dump their entire inventory into and onto the oil in the gulf. The Oil company executives were delighted that they got rid of their problematic Corexit shit, and that they didn't have to pay for it to be disposed of properly........

The area that is covered with this mat is much much larger than the oil spill. Maybe the Southerners won't mind their Cod and Shrimp tasting a little bit like Quaker state........

[ancianita]

17. The bottom of the Gulf of Mexico is a black asphalt slab the size of Texas, just stretched.

[kacekwl]

7. Of course it has. People fall for all this

summer, winter, fall, spring blend switch over nonsense. There is always a reason to raise prices for no reason but profit. We normal dopes have to deal with the increases while paying for their cost of doing business (excess profits). We can't raise our income at will like they can.

[DENVERPOPS]

9. People are bitching about the prices at the pump

Has anyone looked at their recent utility bills for natural gas and electricity.....???????????????????????????

Xcel is continuously raising their rates and raping us here in Colorado.

I am in houses with older people living there, and the temp in the house is really low, like in the low 60's. They are wearing heavy sweaters, and have their heat registers closed in most rooms. They are obviously on a retirement fixed income and have to choose between paying for utilities, food, medical costs, and their outrageous expensive medications. It is really heart wrenching.............

[rockfordfile]

11. Price gouging. They will use every excuse

[ck4829]

15. Yep

[ck4829]

14. Kick

[madville]

16. That's about an 8% margin

Total revenue for 2021 was 152B, 12.8B profit.

A general “healthy” margin in many businesses/industries is 10%.