BP boosts dividend by 10 in sign of confidence
To repurchase more shares
Increases spending on oil and gas and renewables
Expects to produce more oil and gas for longer

LONDON, Feb 7 Reuters BP on Tuesday reported a record profit of 28 billion for 2022 while boosting its dividend in a sign of confidence as it sharply raised overall spending plans but scaled back ambitions to reduce oil and gas output by 2030.

The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia39;s invasion of Ukraine. The bumper earnings have prompted new calls to further tax the sector as households struggle to pay their energy bills.

Chief Executive Bernard Looney took the helm three years ago with an ambitious plan to pivot BP away from oil and gas towards renewables and lowcarbon energy in an effort to slash greenhouse gas emissions.

In a strategy update, BP said it will increase annual spending by 1 billion for both renewables and oil and gas with a sharper focus on developing lowcarbon biofuels and hydrogen.

But it scaled back plans to cut oil output, now saying it aims to produce 2 million barrels of oil equivalent per day by 2030, down 25 from 2019 levels compared with previous plans for a 40 cut.

While many investors backed Looney39;s strategy, BP39;s shares have been the worst performers among top Western energy companies since he took office, remaining largely flat compared with a 17 gain…