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(Bloomberg) — BP Plc paid £1.25 billion ($1.6 billion) in taxes to the UK government in 2024, with about a third of the payments a result of the country’s windfall charge.
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The figure was disclosed in newly released tax report and accompanying UK economic impact report conducted by Oxford Economics, includes £411 million paid under the Energy Profits Levy. The surcharge was introduced in 2022 in response to surging oil and gas prices after Russia invaded Ukraine.
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The UK payment is BP’s second-highest UK tax bill in recent years and is down 29% from 2023, when the company hauled in massive profits stemming from commodity price spikes following Russia’s invasion. The figures excludes value-added tax collected by BP on behalf of the government.
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BP in 2024 paid more to other governments around the world, according to a report published on Thursday that isolates extractive taxes only. The London-based company paid over $11.5 billion to Azerbaijan, more than any other country. BP paid more than $5 billion to the United Arab Emirates.
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BP’s recent strategy reset returned the company’s focus to oil and gas after years of trying to phase out fossil fuels and enter low-carbon ventures. The new direction includes a focus on Azerbaijan, where the firm this month boosted its natural gas and renewable investments.
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Overall, BP paid governments around the world $24.8 billion in 2024, a 7% increase from the previous year. Meanwhile, when London-based competitor Shell Plc released its 2024 tax report in May, it disclosed $5.34 billion paid to Nigeria in 2024 that was more than to any other country.
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