The BP company logo is seen outside a petrol station on September 23, 2021 in London, England.
Leon Neal | Getty Images News | Getty Images
Oil and gas giant BP on Tuesday reported a massive upswing in full-year net profit, its highest in eight years, supported by soaring commodity prices.
The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion for 2021. That compared with a net loss of $5.7 billion the previous year. Analysts polled by Refinitiv had expected full-year net profit of $12.5 billion.
BP also posted fourth-quarter net profit of $4.1 billion, beating analyst expectations of $3.9 billion.
“It has been another good quarter for the company,” BP CEO Bernard Looney told CNBC’s “Squawk Box Europe” on Tuesday.
“We call it performing while transforming,” Looney said. “I know I sound like a broken record but that is what we…
