Good morning.
Another day, another set of stellar results for an energy giant.
After Shell’s update numbers last week, BP has reported a surge in underlying profit on a replacement cost basis of $12.8bn (£9.5bn) last year. That’s up from a loss of $5.7bn in 2020 and reflects the benefits of higher oil and gas prices.
Much like its FTSE rival, BP is also focusing on returning this extra cash to shareholders. It announced a further $1.5bn in share buybacks.
But the oil giants risk becoming a victim of their own success amid growing calls for a windfall tax on energy majors as the cost-of-living crisis deepens.
5 things to start your day
1) Used electric car sales soar ahead of petrol and diesel ban Sales rise 119pc in 2021 while demand for plug-in hybrid vehicles jumps 75pc
2) Household spending falls sharply as cost of living crisis grips Britain Card transactions sink to nine-month low as inflation hits families
3) Tech billionaire Peter Thiel to fight for Trump re-election PayPal co-founder to depart from Facebook board after nearly two decades
4) Taylor…
