BP announces record annual profits of £23bn

BP has revealed it is to miss key climate target as annual profits hit record £23bn.The London-based firm said its main measure, underlying replacement cost profit, came in at $27.7bn (£23bn) for 2022 - more than double the previous year's sum despite weaker oil and gas costs knocking its performance in the final quarter.The figures will further inflame the debate on whether big oil and gas firms should be handing more back through windfall taxes amid the energy-driven cost of living crisis.It comes just days after Shell's reported profits of £32.2bn.Credit: PA