Campaigners say energy system ‘broken’ as BP profits soar to £6.9bn

BP has today reported huge profits over the past three months to June, reaching £6.9bn in profits, three times the amount it made this time last year.

This is the second highest figure in the company’s history, taking its half-year profits to £11.95bn.

BP has since said it would boost shareholder payouts by 10% and buy back shares from investors to increase their value for shareholders.

The news comes as energy bills are taking a toll on people worldwide, with annual bills expected to hit more than £3,600 in the UK this winter after the price cap is raised once again.

Environmental campaigners have said this rise in profits for BP as people are struggling to cope with bills is a sign that the energy system is ‘fundamentally broken.’

Friends of the Earth Scotland’s Oil and Gas Campaigner Freya Aitchison said: ‘This announcement of yet another obscene profit for BP is a clear sign that our energy system is fundamentally broken.

‘Rising energy prices are a key driver of the cost of living crisis which is plunging millions of people in the UK into fuel poverty, yet bosses and shareholders at BP are getting even richer by exploiting one of our most basic needs.

‘BP is also worsening climate breakdown and extreme weather by continuing to invest and lock us into new oil and gas projects for decades to come. Instead of allowing these companies to continue causing social and environmental devastation to boost their profits, we need to overhaul our energy system to rapidly phase out oil and gas.’

Friends of the Earth is now calling for a rapid transition to renewables to tackle carbon emissions and lower energy costs for customers.

BP has pledged to reach net-zero by 2050, but continues to invest in fossil fuel projects, like the Murlach oil field in the North Sea.

The government announced in May it would tax oil and gas companies by an extra 25% on their profits, following pressure from the public as the cost of living began to rise.

However, this policy wasn’t brought in until July, meaning any profits made before this will not be subject to the tax.

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