BP posts record profit but infuriates climate activists by rowing back on targets

Company scaled back plans to cut oil output, now aiming to produce 2m barrels of oil equivalent per day by 2030, down just 25% from 2019 levels compared with previous plans for a 40% cut

BP reduced its ambitions to cut emissions from fuels sold to customers to 20% from 30% by 2030.

BP delivered a record profit of $28bn (€26bn) for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030.

The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil, and Chevron last week after energy prices surged in the wake of Russia's invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills.