The company's profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine.

Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.

Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.

It has led to calls for energy firms to pay more tax as people's bills soar.

It has led to calls for energy firms to pay more tax as people's bills soar.

BP boss Bernard Looney said the British company was "helping provide the energy the world needs" while investing the transition to green energy.

But it came as the firm scaled back plans to cut carbon emissions by reducing its oil and gas output.

But it came as the firm scaled back plans to cut carbon emissions by reducing its oil and gas output.

The company - which was one of the first oil and gas giants to announce an ambition to cut emissions to net zero by 2050 - had previously promised that emissions would be 35-40% lower by the end of this decade.

However, on Tuesday it said it was now targeting a 20-30% cut, saying it needed to keep investing in oil and gas to meet current demands.

Energy prices had begun to climb following the end of Covid lockdowns but rose sharply in March last year after Russia invaded Ukraine, sparking concerns about global supplies.