BP has announced its profit from last year, revealing figures more than doubled as the business benefited from runaway gas prices caused by the war in Ukraine.

The company said that it would invest an additional eight billion dollars (£6.6 billion) each in the energy transition, and in oil and gas, as boss Bernard Looney promised to keep affordable energy flowing.

The business said that underlying replacement cost profit – the figure most followed by analysts – had reached 27.7 billion dollars (£23 billion) last year.

BP reports £23 billion in profit

The measure was slightly lower in the last three months of the year compared to previous quarters at 4.8 billion dollars (£4 billion).

Basingstoke Gazette: BP announces annual profit of £23bn after soaring price of gas and oilBP announces annual profit of £23bn after soaring price of gas and oil

BP said that the result had been affected by its gas marketing division, which saw below-average results after an exceptional third quarter.

The massive profit is set to put BP at the centre of another political battle.

Last week Shell reported its highest profit in history, sparking calls for an additional windfall tax.

BP chief executive Bernard Looney said: “We are strengthening BP, with our strongest upstream plant reliability on record and our lowest production costs in 16 years, helping to generate strong returns and reducing debt for the 11th quarter in a row.

“Importantly, we are delivering for our shareholders – with buybacks and a growing dividend.

“This is exactly what we said we would do and will continue to do – performing while transforming.”

Trades Union Congress general secretary Paul Nowak said: “As millions struggle to heat their homes and put food on the table, BP are laughing all the way to the bank.

“Ministers are letting big oil and gas companies pocket billions in excess profits. But they are refusing to give nurses, teachers and other key workers a decent pay rise.”