LONDON: British energy firm BP reported record annual earnings Tuesday, fueling demands that the United Kingdom government boost taxes for companies benefiting from the high price of oil and natural gas after Russia's invasion of Ukraine.

London-based BP said underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $27.7 billion in 2022 from $12.8 billion a year earlier. That beat the $26.8 billion BP earned in 2008, when tensions in Iran and Nigeria pushed world oil prices to a record of more than $147 a barrel.