BP profits more than double as Iran war sends oil prices soaring
Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on record Business live – latest updates BP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis. The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three…
BP, the major oil firm, has reported a staggering profit surge more than doubling to $5.73bn (£4.27bn) in the past quarter, according to a report. The increase in earnings is directly linked to the soaring oil and gas prices caused by the ongoing Middle East crisis. In an interview, BP's chief executive, Meg O'Neill, emphasized the importance of using domestic energy resources, stating, "where we generate jobs, we generate tax revenue, we generate all those additional positive impacts".
This sentiment was echoed by Burnham's government, which is considering allowing two high-profile North Sea oil and gas projects to proceed despite mounting criticism over the profits of oil companies and the worsening global climate crisis.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
