UK supermajor BP has reported underlying replacement cost profit for the fourth quarter of 2021 of $4,064 billion, compared with earnings of just $115 million in the same three months a year earlier, driven by higher oil and gas prices and upstream production. With the political temperature rising over surging energy prices in the UK, BP also said it would accelerate transition plans. The company's net debt fell to $30.6 billion at the end of the fourth quarter - a reduction of $8.3 billion compared with the fourth quarter of 2020. Capital expenditure in the fourth quarter and full-year was $3.6 billion and $12.8 billion, respectively.
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