Key facts
- BP's quarterly profits more than doubled to $5.73 billion in the three months to June.
- Soaring oil and gas prices, exacerbated by the Middle East crisis, drove the profit increase.
- Shell reported nearly $10 billion in net profit for the same period.
- Saudi Aramco's net profits rose 44% to $32.69 billion.
- The profits have drawn criticism regarding high energy bills and the climate crisis.
BP has reported its highest quarterly profits since the initial period of the Russia-Ukraine war, with earnings more than doubling to $5.73 billion in the three months ending June. This surge is attributed to rising oil and gas prices, exacerbated by ongoing disruptions to energy exports from the Middle East.
BP's new chief executive, Meg O’Neill, indicated that the company has potential for further improvement and is planning an overhaul, including a potential exit from North Sea production after six decades. O’Neill also discussed the importance of utilizing domestic resources and expressed optimism about the new Prime Minister's pragmatic approach to business.
BP's performance follows similar strong earnings from other major energy companies. Shell posted nearly $10 billion in net profit, its second-highest quarterly earnings on record, while Saudi Aramco saw a 44% increase in net profits to $32.69 billion. These windfall profits have drawn criticism from environmental groups and public figures, who suggest that companies are profiting excessively while consumers face high energy bills and the accelerating climate crisis.
Rosie Downes of Friends of the Earth highlighted the disparity between the enormous profits of oil companies and the struggles of households dealing with high energy bills and the impacts of climate change.