Stock Spotlight: BP faces balancing act after dialling back climate targets

Shareholders enjoy the rewards

BP, alongside other oil and gas majors, has hugely benefited from the spike in gas prices and investors are being rewarded.

However, as the the London-listed energy giant scales back its climate commitments, it faces a tough balancing act. While many industries have struggled over the past year, conditions have been good for oil and gas firms in comparison, as Energy peers such as Shell, Chevron or ExxonMobile have reaped record profits, to the delight of shareholders. On Tuesday (7 February), BP reported record annual earnings, with underlying replacement cost profit jumping to $27.7bn in 2022, from $12.8bn a year earlier. Net debt was reduced to $21.4bn from $30.6bn the previous year, while capital ex...