The oil giant's profits soared to $12.8 billion (£9.5 billion), its highest in 8 years, while Q4 profits reached $4 billion (£3 billion). BP said it will buy back another $ 1.5 billion of shares using surplus 2021 cash flow before it announces first-quarter results later this year.

Meanwhile, Online grocery business Ocado posted a larger-than-expected full-year loss of £176.9 million. It blamed this on higher investment, with the creation of five new customer fulfilment centres, including the first two in the US. Revenues gained 7.2% to £2.5 billion.

 

Things to read today:

Peter Thiel plans to leave board of Facebook owner Meta (Financial Times)

North Sea oil and gas fields to be fired up amid Cabinet Row over Net Zero (Daily Telegraph)

BP Promises Another $1.5 Billion Buyback as Profit Soars (Bloomberg)