The British energy major posted full-year underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion.
, respectively, a huge upswing compared to the year prior when the coronavirus pandemic hit oil demand.
U.K. lawmakers from across the political spectrum have renewed calls on Prime Minister Boris Johnson's government to impose a windfall tax on North Sea producers to help fund a national package of support for households. Britain's Finance Minister Rishi Sunak has rejected this move, however, saying such a policy would ultimately deter investment.Global oil demand roared back in 2021, with gasoline and diesel use surging as consumers resumed travel and business activity recovered amid the coronavirus pandemic. Indeed, the International Energy Agency has noted mobility indicators remain robust even as Covid-19 is once again causing record infections.
It marks a dramatic shift from 2020 when the oil and gas industry endured a dreadful 12 months by virtually every measure. Energy majors are seeking to reassure investors they have gained a more stable footing two years after Covid-19 first shook markets, and as
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