BP’s Q2 profit soars as Mideast war roils energy prices
Profit after tax jumped to US$3.91 billion in the April-June period from US$1.62 billion in Q2 of 2025, as prices of fossil fuels soared year-on-year.
British energy firm BP announced a significant surge in its net profit for the second quarter of 2026, with figures more than doubling compared to the same period last year. The Middle East conflict has had a profound impact on oil and gas markets, leading to soaring fossil fuel prices and a 47% increase in BP's total revenue to $70 billion.
BP's chief executive, Meg O'Neill, expressed disappointment in the company's performance over recent years, stating that it has not met expectations and those of shareholders. In response, BP has announced plans to divest its North Sea business and other assets, including its biogas unit in the US. O'Neill, who previously led Australian group Woodside Energy, is the first external candidate to hold the CEO position at BP since its establishment 117 years ago.
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