Key facts
- BP's second-quarter profit more than doubled to $5.73 billion.
- BP's profits reached a four-year high.
- Soaring oil prices, driven by the Middle East crisis and the war on Iran, were the primary factor in the profit surge.
- Chevron and ExxonMobil also reported significant profit increases.
- BP plans to divest its US renewable natural gas business and North Sea operations.
BP reported its second-quarter profits more than doubled to $5.73 billion, reaching a four-year high, largely driven by soaring oil prices stemming from the Middle East crisis and the war on Iran. The company's performance aligns with a broader trend of record profits among major energy firms, with the energy sector showing the highest earnings growth of all market sectors at 128.2% year-over-year.
Brent crude averaged $92.55 per barrel in the second quarter, a significant increase from the previous quarter. This environment has benefited companies like Chevron, which reported its highest quarterly profits in six years, and ExxonMobil, which achieved a four-year high net profit of $14.5 billion, driven by strong upstream and downstream performance.
Amid these strong results, BP plans to divest its US renewable natural gas business and North Sea operations. US President Donald Trump criticized major oil companies for profiting excessively from the current energy prices.