Energy giant BP's profits double to $28bn

Energy giant BP has reported record annual profits after oil and gas prices surged last year following Russia's invasion of Ukraine.

The company's profits more than doubled to $27.7bn (£23bn) in 2022, compared with $12.8bn the year before.

Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.

The profits have led to calls for energy firms to pay more tax as households face rising bills.

Energy prices had begun to climb after the end of Covid lockdowns but rose sharply in March last year when Russia invaded Ukraine, sparking concerns over supplies.