BP added to the bumper profits haul from the oil industry today after reporting a surplus of $16.2 billion (£8.7 billion sterling) for 2004.
The figure, which is certain to heighten calls for the British government to impose a windfall tax, comes after Shell posted annual profits of £9.3 billion - equivalent to more than £1 million an hour.
The soaring oil price lifted BP's results performance, which chief executive Lord Browne described as being strong "both operationally and financially".
Lord Browne denied the bumper profits were a result of the current high level of oil prices and opposed calls for a windfall tax on "excess" profits made by energy companies.
He told the BBC Radio 4 Todayprogramme: "Profits are up more than the price of oil is up, so that is a good sign. "We have spent many years getting to the right place, buying assets when the price was low, finding oil and gas. Having this inventory of activity allows us to make profits when the price of oil is high."
The company's fourth-quarter dividend rose by 26 per cent to to 8.5 cents a share from 7.1 cents a year ago, and in line with the rise in pro-forma profits to some $3.65 billion.
PA