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BP has slid 17 spots down the Global 500 this year, but that slide belies some good results as it bounced back from the pandemic. The company reported a net profit of $12.8 billion for fiscal 2021–its largest net profit in eight years. The rising demand for oil spurred by travel after pandemic restrictions lifted in 2021 drove up prices. Russia’s invasion of Ukraine in February 2022 created a global energy shortage that drove prices up even further. The firm’s underlying replacement cost profit hit $6.2 billion in the first quarter of 2022, beating analyst projections. BP also invested $2.5 billion in share buybacks. However, the British oil and gas behemoth also recorded a writedown of $20.4 billion after divesting its nearly 20% stake in Russian-controlled oil company Rosneft.
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Global 500 - 2022Aggregate sales hit $37.8 trillion last year—an in...READ MOREview in list