Oil giant BP reports highest profit in 8 years on soaring commodity prices

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…