The BP company logo is seen outside a petrol station on September 23, 2021 in London, England.
Leon Neal | Getty Images News | Getty Images
Oil and gas giant BP on Tuesday reported a massive upswing in full-year net profit, its highest in eight years, supported by soaring commodity prices.
The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion for 2021. That compared with a net loss of $5.7 billion the previous year. Analysts polled by Refinitiv had expected full-year net profit of $12.5 billion.
BP also posted fourth-quarter net profit of $4.1 billion, beating analyst expectations of $3.9 billion.
“It has been another good quarter for the company,” BP CEO Bernard Looney told CNBC’s “Squawk Box Europe” on Tuesday.
“We call it performing while transforming,” Looney said. “I know I sound like a broken record but that is what we are doing. We are performing and delivering for our shareholders today, while at the same time leaning into the future and transforming the company.”
BP said it intends to deliver a further $1.5 billion…
