On Tuesday, British oil major BP announced it had produced record profits in 2022, riding soaring energy prices to more than double its earnings.

According to the data the company disclosed, the company’s underlying profits were $27.7 billion for 2022, compared to $12.8 billion in 2021. The profits were the highest in the history of the company. Previously, the company’s record yearly profit was $26.3 billion, earned in 2008.

Bernard Looney, the CEO of BP, said the earnings were a “good set of results.”

In an interview with CNBC, he said, “First of all, I hope you can see a company that is performing well, performing while transforming. We had our highest operations reliability in our history, we had the lowest production cost in 16 years, so the business itself is running very well.”

He went on to announce the company would pursue a new development strategy, which will entail investing $8 billion more into energy transition over the next ten years. The company also noted it would be cutting its previously stated goal of reducing oil and gas production by 40% by 2030, and now would seek to cut production by only 25%.

BP shares rose by over 3.4% in early trading on the London exchange on news of the report.

BP now joins the other supermajors who have posted record profits as the price of fuel surged over the previous year. Rival Shell reported its highest annual profits ever, at about $40 billion last week. US super major Exxon Mobil set the highest historic net profit in the whole oil industry, with its massive $56 billion profit for 2022. Chevron produced a record $36.5 billion. French oil giant TotalEnergies will report its results later in the week.

The enormous profits enjoyed by the energy supermajors have, however, renewed criticism of the industry, with politicians and activists accusing them of hoarding money as consumers see their pocketbooks decimated by soaring energy bills. It has again generated more calls for governments to institute more windfall taxes.

Jonathan Noronha-Gant, from advocacy group Global Witness said in an interview with CNBC, “People across the country need look no further than their own front door – one of Britain’s own oil companies – which has been making records profit while so many Brits face hardship through no fault of their own… BP is richer because you’re poorer.”

He went on to call for, “implementing a windfall tax to aid those struggling financially.”