BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’

BP, the British energy giant, announced a significant surge in its second-quarter profit, more than doubling its earnings to $5.7 billion for the period. This substantial increase was primarily driven by higher fossil fuel prices, exacerbated by the ongoing conflict between the U.S. and Iran. BP's net profit for the quarter surpassed analysts' expectations, which had projected a profit of $5 billion.

In contrast, the company's net profit for the same quarter last year was $2.35 billion, and for the first three months of 2026, it was $3.2 billion.

The surge in oil and gas prices is being attributed to the extensive Middle East conflict, which has severely disrupted shipping through the Strait of Hormuz, a vital maritime choke point responsible for approximately a fifth of the world's oil and natural gas exports. This disruption has led to shipping delays and heightened prices, causing U.S. President Donald Trump to criticize major oil companies, including Exxon Mobil and Chevron, for profiting excessively from the situation.

Trump expressed his dissatisfaction, stating that these companies are "making too much money based on a shortage."

Exxon and Chevron have reported staggering profits as well, with Exxon's second-quarter profits more than doubling to $14.5 billion, and Chevron's earnings soaring by nearly 400% to $12 billion, compared to the same periods last year. BP's CEO, Meg O'Neill, addressed the issue, emphasizing the company's commitment to addressing the situation.

She highlighted BP's efforts to maximize product availability, focusing on reliability at both upstream and refining assets. O'Neill also mentioned recent asset divestitures, such as the sale of the Gelsenkirchen refinery to investment firm Klesch Group, which is expected to reduce BP's underlying operating expenditure by around $1 billion.

BP's CEO further explained that the company is actively working on simplifying its operations and reducing debt by divesting non-core assets. These strategic moves are aimed at stabilizing the management team following a period of significant executive turnover, including the abrupt removal of chairman Albert Manifold in May due to concerns over governance standards and conduct.

Despite these challenges, BP's shares have surged over 27% year-to-date, reflecting investor confidence in the company's ability to navigate the current energy market landscape.