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.”
Unpacking BP’s earnings and destination of funds.
- 5 May 2023
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Jack Wilson is an experienced finance writer and analyst with a deep understanding of the global economy, stock market, and personal finance. He holds an MBA in Finance and has worked in the industry for over 12 years. Jack's insights and commentary have been featured in various financial publications. In his spare time, he enjoys investing and following the latest market trends.
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