Iran war oil price surge doubles BP's quarterly profit to more than $5bn
BP on Tuesday reported a second-quarter profit of $5.73 billion, more than doubling the total from the same period last year amid higher energy prices, trading and refining margins, as chief executive Meg O'Neill outlined the group's priorities. Oil companies have benefitted this year from market volatility caused by the Iran war , which has disrupted energy flows and tightened global supplies.…
BP, the British oil and gas major, announced a significant jump in its second-quarter profit, more than doubling from the same period last year to $5.73 billion. This surge in earnings can be attributed to higher energy prices, trading margins, and refining profits, as chief executive Meg O'Neill highlighted the company's future priorities.
The oil industry has seen a boost this year due to market volatility stemming from the Iran conflict, which has disrupted energy supplies and tightened global markets. BP's underlying replacement cost profit, an adjusted version of net income, exceeded analysts' expectations of $5.11 billion, rising from $2.35 billion a year ago.
The company also announced a 4% increase in its dividend to 8.66 cents per share for the second quarter. In addition to the financial results, BP decided to sell its US biogas business Archaea to streamline its focus on oil and gas operations. The company has marked over $4 billion in write-downs since 2025, primarily related to Archaea, its solar unit Lightsource BP, and other low-carbon ventures.
BP's shares saw a modest rise of 0.4% in early trading, compared to a 0.9% increase for European energy stocks. BP's CEO emphasized the company's need to optimize its performance, cut costs, and increase accountability amidst the changing market dynamics.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
