NEWS STORY : BP Announces Large Profits
STORY
BP’s has announced that their latest profits for the first quarter of 2023 are $5 billion (£4 billion) with a plan to purchase $1.75 billion of their own shares, on top of the purchase of $2.75 billion which were purchased in the previous quarter. The news has led to a number of political figures calling for BP to face increased taxation following the profit announcement, made at a time of hardship being caused by energy price increases.
Murray Auchincloss, BP’s Chief Financial Officer, said:
“In the first quarter, bp delivered resilient earnings and continues to execute against its unchanged financial frame. We are strengthening the balance sheet, investing with discipline to advance our strategy, and are committed to returning 60% of 2023 surplus cash flow through share buybacks with a further $1.75 billion announced for the first quarter.”
Keir Starmer, the Leader of the Opposition, said that he supported a windfall tax, saying “of course we want BP and others to make profits so they can invest but these are profits that they didn’t expect to make, these are profits that are over and above because the world price of energy is so high”.
Paul Nowak from the TUC said in a statement:
“These eye-watering profits are an insult to working families as millions struggle with sky-high bills. Oil and gas companies have been allowed to get away with treating the British public like cash machines. The government has left billions on the table by refusing to impose a proper windfall tax on the likes of BP. And even now ministers are refusing to take action to fix our broken energy market and stop this obscene price gouging. We could have lower household bills and an energy system that served the public, if government taxed excessive profits, introduced a social tariff and created public ownership of new clean power.”
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