ENERGY giant BP came under fire yesterday for posting record profits while slashing environmental targets.
The firm reported that profits doubled in 2022 to £23billion — the highest figure in its 114 years.
APBP posted record profits of £23b but slashed environmental targets[/caption]
It handed shareholders a £3.6billion dividend for a year in which consumers faced record home energy bills.
TUC general secretary Paul Nowak said: “As millions struggle to heat their homes and put food on the table, BP is laughing all the way to the bank.
“Hard-pressed families will rightly feel furious — they are being treated like cash machines.”
In response to calls for the Government to increase windfall tax on energy giants, No10 said: “We will continue to discuss with all of these companies about ways they can reinvest some of these profits.
“We have set up the tax system so that the more investment the firm makes into the UK, the less tax they will pay.”
BP boss Bernard Looney said the British firm was “helping provide the energy the world needs” while investing in moving to green energy.
But it has slashed its environmental targets and is now aiming for a 20 to 30 per cent cut in emissions by the end of the decade compared with its previous 35 to 40 per cent.
BP said its oil and gas production will be around two million barrels of oil equivalent a day by 2030.
While that is 25 per cent lower than in 2019, its previous target was a 40 per cent cut.
Climate campaign group Greenpeace said BP’s new strategy “seems to have been strongly undermined by pressure from investors and governments to make even more dirty money out of oil and gas”.
Mr Looney said: “We need continuing near-term investment into today’s energy system, which depends on oil and gas, to meet demands.”
Last week oil rival Shell reported its highest ever profit of £33billion.
With US giants Chevron and ExxonMobil, the majors have now announced joint profits of around £134billion.
A LOT MORE FOR LIDL
GROCER LIDL says shoppers trying to save money have boosted sales by nearly £11million last month — about £120million in the past year .
Consumers switched to the German-owned supermarket away from premium chains such as M&S, Waitrose and Sainsbury’s.
AlamyLidl says shoppers trying to save money boosted sales by nearly £11million last month[/caption]
Lidl said its high-quality fresh produce was a big attraction to customers and helped its share of the fruit and vegetable market climb to a record 10.2 per cent.
It recently added a fruit and veg virtual stamp promotion to its app.
Boss of the company’s British arm Ryan McDonnell said: “It’s clear that a lot of shoppers are now refusing to pay a premium for their groceries.”
Analysis of shopping lists across the nation published last week by The Grocer magazine suggested Lidl was £10.31 cheaper than Sainsbury’s and £24.82 cheaper than Waitrose, although discount rival Aldi was named the UK’s cheapest supermarket.
Mr McDonnell added: “We know people switch to us to make savings but they stay when they realise that they’re not having to compromise on quality.”
The chain now has 950 stores across the UK.
£12m cyber hit
MANUFACTURER Morgan Advanced Materials has been hit by a cyber attack which it warned would cost £12million to put right.
The British firm said it had been forced to use manual transactions at some sites while it repairs IT systems.
The components firm said: “During January sites experienced a delay in restarting production and shipping.”
Shares in the components company fell five per cent.
Fund manager HL Select, said: “Recovering from cyber attacks can be complex.”
THE average house price is now more than £12,000 below August’s peak, according to Halifax.
The typical property now costs £281,684, the lender said.
Prices remained flat in January but still climbed 1.9 per cent over the year.
Beer price rise
BREWER Carlsberg says it could raise beer prices in some regions.
The Danish drinks giant said that “while beer historically has been a resilient consumer category” recent cost rises could squeeze profits.
It warned that 2023 “will be another challenging year” due to supply and energy rises.
However organic revenue grew 15.6 per cent in 2022 compared with 2021, driven by higher pricing as volumes sales grew 5.7 per cent.
Sales of its Carlsberg brand climbed 14 per cent globally.
Banks in grilling on rates
UK bank chiefs were blasted by MPs yesterday for putting profits before customers.
Bosses at Lloyds, NatWest, HSBC and Barclays — who collectively earn more than £10million a year — were hauled before a Treasury select committee.
NatWest boss Alison Rose said: ‘Only one in four people have £100 of savings in their account’
They were accused of closing branches while paying paltry interest rates.
MPs said their constituents complained that mortgage rates rose more quickly and accused banks of relying on inertia to ensure customers remain on poor savings rates.
Barclays chief Matt Hammerstein said: “I definitely refute the idea.”
NatWest boss Alison Rose said: “Only one in four people have £100 of savings in their account.”
HSBC chief Ian Stuart said the bank is “absolutely committed to a physical footprint in the UK” but added: “Customer behaviours started to change in 1982 with the advent of the cash machine.”
Boeing’s job axe
AIRCRAFT maker Boeing is axing 2,000 workers in its aerospace company’s finance and human resources departments in 2023.
It said it will outsource about a third of the office roles to Tata Consulting Service.
However, the firm plans to boost engineering and manufacturing roles this year.
On top of the 15,000 people it hired last year the company said it aims to recruit another 10,000 in 2023.