Earnings after taxation soared to $23.451 billion (17.332 billion euros) last year, boosted partly by strong growth in oil and gas production, the British energy giant said in a results statement.
That compared with $11.017 billion in 2012.
In the fourth quarter however, net profits sank by almost a third to $1.042 billion, due to a vast write-off from a failed well in offshore Brazil.
BP added that adjusted net profit, stripping out fluctuations in the value of inventories and which is a better guide to underlying performance, plunged 21 percent to $13.428 billion last year, hit by asset disposals, higher depreciation, weaker refining margins and exploration write-offs.
“The result benefited from higher underlying production and a one-off credit to production taxes but there were adverse impacts from divestment and higher depreciation and exploration write-offs,” BP said in the earnings release.
The London-listed energy major added that the total cost of the devastating Deepwater Horizon oil spill disaster in 2010 stood at $42.7 billion.