BP pays $1bn in windfall tax so far to British exchequer as latest profits remain strong

BP recorded nearly $5bn of net income and announced another $1.75bn of share buybacks

BP paid about $300m (€273m) for the UK’s energy profits levy in the first quarter of 2023, the company’s chief financial officer Murray Auchincloss said in an interview.

BP has paid about $1bn in UK windfall taxes on profits from its North Sea operations since the levy was introduced less than a year ago. 

Disclosure of the payout, which is used to help British consumers cope with high energy prices, did little to deflect the ire of politicians, who once again criticised the extraordinary profits as households suffer a cost-of-living crisis.