Unpacking BP’s earnings and destination of funds.

Opposition parties have called on the UK government to close a “loophole” in its windfall tax on oil and gas companies following news that BP made profits of almost $5bn (£4bn) in Q1 2023. The profit, which represents BP’s best Q1 result for at least a decade, is lower than last year’s $6.2bn (£5bn) Q1 result. BP spent an additional $1.75bn (£1.4bn) on buying up shares and used extra revenue to pay off debts. Labour shadow energy secretary Ed Miliband said that “These enormous profits are the unearned, unexpected windfalls of war.”