BP took a hit of more than US$24 billion from but reported a huge jump in profit for the first quarter.
The U.K.-based energy giant said Tuesday that its underlying profit soared to US$6.2 billion from US$2.6 billion in the same period last year, boosted by "exceptional oil and gas trading" conditions.
Oil prices have shot up by nearly 40% since the start of 2022, with benchmark Brent crude trading well above US$100 a barrel. Prices for natural gas have also surged. The gains have been driven by fears of a global supply shock following Russia's invasion of Ukraine.
In response to the war, the United States, Canada, United Kingdom and Australia have banned imports of Russian oil, and the . EU countries are dramatically scaling back purchases of Russian natural gas, and Moscow has already cut off supplies to Poland and Bulgaria.
On Feb. 27, three days after President Vladimir Putin sent his forces across the border into Ukraine, BP said it would ditch its stake of nearly 20% in Russian state oil giant Rosneft, and abandon three joint ventures with the country's biggest oil producer. On Tuesday, it said those decisions led to an after-tax charge of US$24.4 billion, and a loss of US$20.4 billion.
"In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, BP's focus has been on supplying the reliable energy our customers need," CEO Bernard Looney said in a statement. "But it has not changed our strategy, our financial frame, or our expectations for shareholder distributions," he added.
Shareholders are in line for a windfall. BP announced a first quarter dividend of 5.46 cents per share, up from 5.25 cents last year, and said it would use spend US$2.5 billion — or 60% of its surplus cashflow — buying back shares in the next three months.
Shares of BP were up 2.5% in London trading, taking the stock's gain for the year so far to nearly 22%.
Opposition lawmakers said the bumper earnings reinforced their call for the U.K. government to impose a on excess profits generated by companies producing oil and gas in the North Sea.
They want the proceeds to help fund additional relief for households who are paying in the worst in decades.
"With so many people struggling to pay their energy bills, we should have a windfall tax on oil and gas companies in the North Sea, who have made more profit than they were expecting," Keir Starmer, leader of the opposition Labour Party told the BBC. "Have a windfall tax on that and use that to help people with their energy bills, up to £600 for those who need it most."
Prime Minister Boris Johnson's government has so far resisted those calls, saying it wants companies to invest more in securing supplies of energy, particularly from renewable sources but also oil and gas. But his finance minister, Rishi Sunak, last week hinted at a possible U-turn in government policy.
"What I don't want to do is put off the investment that's required to exploit those resources," Sunak said in an interview with Mumsnet, a website for parents. "But what I would say is that if we don't see that type of investment coming forward and if the companies are not going to make those investments in our country and in our energy security, of course that's something I would look at. Nothing is ever off the table in these things."
BP said it expected to pay up to £1 billion (US$1.2 billion) in tax on profits this year from its operations in the North Sea, and is planning to invest £18 billion ($22.5 billion) in the United Kingdom by 2030. That will include investments in the North Sea, offshore wind, electric vehicle charging networks, hydrogen production and carbon capture and storage.
With the U.S. election widely predicted to be a close race, some believe American voters in Canada and overseas will be crucial in helping elect the new president about a month from now.
An Ontario family was planning a religious trip to Saudi Arabia that included 10 people, but when they were checking in for their flights, the family discovered some of their tickets were fake.
As Hurricane Helene roared outside, the wind howling and branches snapping, John Savage went to his grandparents' bedroom to make sure they were OK.
Canadian figure skater Nikolaj Sorensen has been suspended for at least six years for 'sexual maltreatment,' the Office of the Sport Integrity Commissioner announced Wednesday.
Thousands sang, cheered and prayed as multiple preachers declared Donald Trump to be God's favoured candidate to defeat what one called the “forces of darkness.â€
Drug smuggling is the main industry for Mexican cartels, but migrant smuggling is turning into a financial windfall. In this fourth instalment of CTV W5's 'Narco Jungle: The Death Train,' Avery Haines is in Juarez where she speaks with one of the human smugglers known as 'coyotes.'
A B.C. man has been ordered to pay a total of $4,000 to a Coquitlam company and its two owners because of a negative review he posted on Google.
The Israeli military on Thursday warned people to evacuate a city and other communities in southern Lebanon that are north of a UN-declared buffer zone, signalling that it may widen a ground operation launched earlier this week against the Hezbollah militant group.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Toronto police officer convicted of stealing from deceased individuals he was supposed to be investigating has been sentenced to seven years in prison.
An increasing number of Ontario school boards are reporting deficits and are using or even depleting their reserves, according to internal Ministry of Education briefing documents.
With the U.S. election widely predicted to be a close race, some believe American voters in Canada and overseas will be crucial in helping elect the new president about a month from now.
The Supreme Court of Canada says it will hear a challenge from the Quebec government to a lower court ruling granting asylum seekers access to subsidized daycare spaces.
An Ontario family was planning a religious trip to Saudi Arabia that included 10 people, but when they were checking in for their flights, the family discovered some of their tickets were fake.
Alberta will not allow the sale of liquor in grocery and convenience stores, the province announced on Wednesday.
U.S. authorities charged five Chinese nationals with lying and trying to cover their tracks, more than a year after they were confronted in the dark near a remote Michigan military site where thousands of people had gathered for summer drills.
Iran's ballistic missile attack on Israel caused few casualties and little damage, but it marked a further escalation of tensions in the Middle East as Israeli forces battle Tehran's militant allies in Lebanon and the Gaza Strip. Here's what we know.
Liz Cheney, one of Donald Trump's fiercest Republican antagonists, will join Democrat Kamala Harris at a campaign event in Wisconsin on Thursday aimed at reaching out to moderate voters and rattling the former president.
Vietnam condemned China on Thursday while saying that Chinese law enforcement personnel assaulted 10 Vietnamese fishermen, damaged their fishing gear and seized about four tons of fish catch near the disputed Paracel Islands in the South China Sea.
Thousands sang, cheered and prayed as multiple preachers declared Donald Trump to be God's favoured candidate to defeat what one called the “forces of darkness.â€
A boat carrying scores of passengers capsized on Lake Kivu in eastern Congo on Thursday, killing at least 50 people, witnesses told The Associated Press.
Prime Minister Justin Trudeau is headed to France today to attend the Francophonie summit, where the shadow of a wider war in the Middle East will likely loom large over the meeting of French-speaking countries.
RCMP Commissioner Mike Duheme is slated to appear today at a federal inquiry into foreign interference. Mike Duheme is slated to appear today at a federal inquiry into foreign interference.
Bloc Quebecois Leader Yves-Francois Blanchet says his ultimatum to the government stands, after the Liberals voted against a motion seeking money to boost seniors' benefits on Wednesday.
The federal government's decision to not provide Novavax's COVID-19 vaccine this respiratory virus season raises health equity concerns, experts and advocates say, as some Canadians look to the U.S. to get the shot.
A woman with the rare condition of two uteruses delivered twins, one from each womb, last month at a hospital in northwestern China, according to health officials and state media.
A medallion containing some of the original mould involved in the discovery of penicillin is expected to fetch up to US$50,000 when it goes up for auction later this month.
Amazon Web Services’ director of global artificial intelligence is encouraging Canada not to go it alone when it comes to regulating the technology.
The bracket for 2024's Fat Bear Week contest was revealed Tuesday night, but only after a deadly bear-on-bear attack at Alaska’s Katmai National Park and Preserve on Monday delayed the unveiling.
Three years after the 30-year-old South Korean woman received a barrage of online fake images that depicted her nude, she is still being treated for trauma. She struggles to talk with men. Using a mobile phone brings back the nightmare.
Two musicians who played with Gordon Lightfoot are bringing the Lightfoot Band to Atlantic Canada.
Closing arguments have begun in the sexual assault trial of Canadian musician Jacob Hoggard.
A San Diego doctor became the third person to plead guilty in the case of Matthew Perry's fatal drug overdose, as prosecutors collect cooperators in an attempt to convict two bigger targets they say are responsible for the death of the 'Friends' star.
The social media platform formerly known as Twitter is worth almost 80 per cent less than two years ago when Elon Musk bought it, according to estimates from investment giant Fidelity.
Transat A.T. Inc. is preparing to lay off up to 80 workers as the tour operator struggles to turn its finances around, according to a preliminary notice sent to the Quebec government.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
In less than a year, an Alberta woman has gone from gracing the stage at her first pageant to competing at the Mrs. Universe pageant in South Korea. She's making history by becoming the first Canadian veteran to compete internationally.
In late August, U.K. television personality Kirstie Allsopp found herself in an unexpected media storm after a series of her social media posts describing her 15-year-old son's trip through Europe without adult supervision went viral.
Days after being suspended by FIFA, Argentina goalkeeper Emiliano Martinez produced heroics in front of the watching Prince William as Aston Villa sealed another famous win against Bayern Munich.
The claim to Shohei Ohtani's potentially lucrative 50th home run ball grew more complicated this week, with a second fan filing a lawsuit asserting he had possession of the historic baseball.
The men's final of this year’s China Open was billed as a battle between two titans and it definitely didn't disappoint.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
Canadian-made Chrysler Grand Caravans have seen sales jump over the third quarter and calendar year. According to FCA Canada, sales were up by 79 per cent this quarter and up 85 per cent for the calendar-year to date.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
On Saturday night at her parents’ home in Delaware, Ont. the Olympic bronze medallist in pole vault welcomed everyone who played a role in getting her to the podium in Paris.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
When a group of B.C. filmmakers set out on a small fishing boat near Powell River last week, they hoped to capture some video for a documentary on humpback whales. What happened next blew their minds.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Police and firefighters are responding to a house fire in Vancouver's Kerrisdale neighbourhood Thursday morning.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
B.C. NDP Leader David Eby will announce his party's full action plan at an event in Surrey Thursday.
A Toronto police officer convicted of stealing from deceased individuals he was supposed to be investigating has been sentenced to seven years in prison.
An Ontario family was planning a religious trip to Saudi Arabia that included 10 people, but when they were checking in for their flights, the family discovered some of their tickets were fake.
The province’s police watchdog has released new details of an incident outside a Midtown apartment building on Wednesday night that left a Toronto police officer with gunshot wounds.
A Calgary shooting range, which has been in operation for almost 25 years, has closed.
Emergency crews were called to the scene of a crash involving a cyclist on Country Hills Boulevard near Deerfoot Trail N.E.
A new report from the Calgary Foundation paints a concerning picture of the city's quality of life, highlighting rising costs, housing challenges and safety concerns.
Several schools are closed in Kemptville, Ont. today as police investigate a threat targeting a Catholic high school in the community.
Most Canadians want employers to be flexible on hybrid work policies in the future, saying work-from-home arrangements enhance employee productivity and well-being, according to a new survey.
OC Transpo will be providing an update today on the Trillium Line LRT, including an anticipated start date for trial running.
The Supreme Court of Canada says it will hear a challenge from the Quebec government to a lower court ruling granting asylum seekers access to subsidized daycare spaces.
As the Los Angeles Kings prepare to play a controversial preseason game in Quebec City on Thursday evening, the Quebec Liberal Party (PLQ) has given François Legault a Kings jersey, but not just any Kings jersey.
Eva Abdul Khalek is grateful. Her cat Luigi survived a fall from their 11th-floor balcony. The family believes the cat snuck out, likely through the balcony door that was left open.
There are renewed questions over a recent comment by Alberta Premier Danielle Smith on whether the province is being sprayed from above by so-called chemtrails.
The six-part "FACEOFF: Inside the NHL" docuseries debuts Friday, a behind-the-scenes sports showcase from Prime Video.
Temperatures managed to stay above 0 C across most (possibly all) of the Edmonton region this morning as cloud cover hung around and helped insulate things.
A 17-year-old boy has been charged with manslaughter in the death of a man who was assaulted in Fredericton last month.
Police in Saint John, N.B., are looking for a man wanted on a Canada-wide warrant. The Saint John Police Force says 31-year-old Ryan Cail breached the conditions of his statutory release when he failed to report to the Community Correctional Centre last month.
A Nova Scotia town which relies on tourists is feeling the impacts of cancelled ferry crossings to Prince Edward Island.
Manitoba Premier Wab Kinew continues to enjoy a honeymoon with voters one year after his NDP government was elected, but there are challenges ahead in fulfilling promises to improve health care and balance the budget.
A man has died and Manitoba's police watchdog is investigating after an officer-involved shooting Wednesday afternoon.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A Regina woman has pleaded guilty to one count of fraud after being charged with defrauding Regina Mobile Crisis Services.
Saskatchewan's general election campaign moved into its second day Wednesday, with the two main parties shying away from touching the provincial sales tax while an upstart conservative party promises to slash it in half.
An Olympian and retired competitive boxer have been named as the official Kitchener-Waterloo Oktoberfest keg tappers.
Wellington County Ontario Provincial Police (OPP) are trying to identify two vehicles as part of an arson investigation in Erin.
A Kitchener man is facing almost a dozen charges after Waterloo Regional Police said they seized several weapons while responding to a break and enter.
A home in Saskatoon’s Haultain neighbourhood has been left devastated following a fire early Wednesday morning.
A Saskatoon photographer is hoping to make some love connections through a unique blind dating. The idea came out of a need to help singles get offline and back to real in-person connections.
A Saskatoon-based political scientist doesn't expect Saskatchewan's provincial election to be dominated by large issues, explosive events or political fireworks prior to voting day on Oct. 28.
The jury at the trial of a second-degree murder suspect in Sudbury on Wednesday heard graphic details of the crime scene discovered in a Kathleen Street apartment on Boxing Day 2020.
An Ontario family was planning a religious trip to Saudi Arabia that included 10 people, but when they were checking in for their flights, the family discovered some of their tickets were fake.
A B.C. man has been ordered to pay a total of $4,000 to a Coquitlam company and its two owners because of a negative review he posted on Google.
The crash happened around 10:40 a.m. on Wednesday
Drivers on Highway 402 in the area of Wonderland Road may have experienced some delays on Wednesday. OPP and London fire were on scene after a transport truck caught fire around 4:30 p.m.
An investigation is underway at London's safe consumption site after someone who visited the facility died.
An Aurora, Ont. man who has maintained his innocence despite being convicted of killing his wife will learn his fate in a Newmarket courtroom on Wednesday.
Smoke alarms alerted apartment occupants of a kitchen fire below.
Ward 1 Councillor Clare Riepma will be docked 15 days' pay and was sternly reprimanded for violating the City of Barrie's code of conduct on two separate occasions.
A multi-vehicle collision on the Ouellette Avenue overpass impacted morning commuters heading to downtown Windsor on Thursday morning.
Police in Chatham are advising the public of a road closure. The intersection of Queen Street and Park Avenue is closed because of downed power lines.
WARNING: This article contains content some may find offensive. Reader’s discretion is advised.
The moment the writ was dropped for the Oct. 19 election, candidates all over B.C. began putting up campaign signs. By the following day, many of those signs had already been stolen or vandalized, and that’s continuing today.
DoorDash is increasing fees in British Columbia in response to recently passed provincial legislation.
A grassroots campaign to end gender-based violence has sent a letter to BC Conservative Leader John Rustad informing him it is withdrawing permission for him to wear its symbol.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week – and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
Hearings on a proposed coal project in Alberta's Crowsnest Pass will go ahead despite legal challenges.
A Lethbridge man is facing several charges after a traffic stop led to the seizure of drugs and weapons.
From offering two meals a week to three a day, the Lethbridge Soup Kitchen has grown immensely over the past 40 years.
Closing arguments have begun in the sexual assault trial of Canadian musician Jacob Hoggard.
City council in Sault Ste. Marie has decided to purchase the former general hospital site, with an eye on demolishing the property and selling it to a buyer serious about redevelopment.
A woman who has worked for Â鶹´«Ã½ Northern Ontario for 50 years was honoured Tuesday night with a lifetime achievement award.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
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