DUP MP Carla Lockhart hits out after record profits for BP reported amid cost-of-living crisis

BP said that underlying replacement cost profit – the figure most followed by analysts – had reached 27.7 billion dollars (£23 billion) last year.

It also said it would hand around 4.4 billion dollars to shareholders in a full-year dividend and announced plans to buy back 2.8 billion worth of its own shares.

It came just days after Shell reported its highest profit on record at nearly 40 billion dollars (£33 billion).

Ordinary consumers, meanwhile, have found themselves being asked to pay huge bills for vehicle fuel, heating oil, gas, and electricity.

The DUP's Carla Lockhart told the News Letter: "Last week it was Shell announcing records profits. This week we have BP outlining their bumper profits.

"Again it poses the question as to the functioning of the supply chain, and how the end user – the motorist, or homeowner – appears to be paying an unfair chunk of that supply chain, whilst the energy companies bank record profits."

She continued: "Consumers want fairness and I think it is time for the Government to explore if supply chains are operating fairly.

"And again, if the Government wish to levy tax on fuel, it should be looking at the energy companies and not foisting an increase in fuel duty on the consumer as the Chancellor has speculated. He should scrap any plan to increase fuel duty immediately.”

BP also said that it had slashed its emissions reduction targets by a third, and will produce much more oil and gas by the end of this decade than previously thought.

Within minutes, unions and pressure groups voiced outrage that BP is making enormous profits while ordinary people struggle to afford the energy it sells.

Trades Union Congress general secretary Paul Nowak said: “As millions struggle to heat their homes and put food on the table, BP are laughing all the way to the bank.

“Ministers are letting big oil and gas companies pocket billions in excess profits. But they are refusing to give nurses, teachers and other key workers a decent pay rise.”

Labour shadow climate change secretary Ed Miliband said: “What is so outrageous is that as fossil fuel companies rake in these enormous sums, Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.

“In just eight weeks’ time, the Government plans to allow the energy price cap to rise to £3,000. Labour would use a proper windfall tax to stop prices going up in April.”

Perhaps more significantly in the long term, BP slashed its environmental targets on Tuesday.

The company had been one of the first oil and gas majors in the world to announce an ambition to cut emissions to net zero by 2050.

As part of this it has previously promised that emissions will be 35-40% lower by the end of this decade.