BP swings to highest annual profit in eight years

Oil giant BP has posted its highest annual profit in eight years amid mounting pressure on the sector as the cost-of-living crisis deepens (Andrew Milligan/PA)

Oil giant BP has posted its highest annual profit in eight years amid mounting pressure on the sector as the cost-of-living crisis deepens.

The group revealed it swung to a mammoth $12.8bn underlying replacement cost profit — its preferred measure — for 2021 from losses of $5.7bn the previous year.