7th May 2024, London – Since the invasion of Ukraine in February 2022, BP has paid out a staggering £22.3 billion ($27.4 billion) to shareholders, buoyed by high energy prices linked to Russia’s brutal aggression, according to new analysis by Global Witness as BP announces its profits for the first quarter of this year.
The analysis shows how big fossil fuel firms like BP and their shareholders have benefitted from a war that has killed tens of thousands of people, and an energy crisis that has pushed millions of families around the world into poverty.
BP today announced it has made £2.2 billion ($2.7 billion) in profits so far this year, showing that vast profits for polluters are an enduring fixture of the fossil fuel energy system. In the same period BP repurchased shares valued at £1.4 billion ($1.8 billion) and paid dividends totalling £965 million ($1.2 billion).
Alice Harrison, Head of Fossil Fuel Campaigns at Global Witness, said:
“These past two years have inflicted untold misery
and pain on the people of Ukraine, while big energy firms that spent years
doing business with Putin’s Russia have seen the cash roll in.”
“It's obscene that anyone would profit from the Ukraine war, the energy crisis, or the climate crisis, but that’s what’s happening. With the biggest spoils going to one of the richest, most destructive industries in the world - the fossil fuel industry.”
“Instead of helping to rebuild Ukraine, ease the burden of high bills or support countries suffering from the climate crisis, BP is making the rich richer. And this will continue to be the case until we make the urgent switch to a clean energy system.”
Notes to Editor
- BP’s payments to shareholders since the outbreak of war in Ukraine in February 2022 total approximately £22.3 billion ($27.4 billion), comprising shareholder dividends and share buybacks from Q2 2022 to Q1 2024.
- Underlying data and calculations are available upon request.