BP has reported a quarterly profit of $5.73 billion, the company’s highest earnings since the early stages of the Russia-Ukraine conflict in 2022. This figure represents more than double the $2.35 billion profit recorded during the same period last year. The surge in earnings is largely attributed to rising oil prices triggered by supply disruptions in the Strait of Hormuz following the start of the Iran conflict earlier this year.
Despite these financial gains, the company faces criticism from activists who accuse BP of profiteering while global energy costs for consumers remain elevated. BP chief executive Meg O’Neill stated that the company intends to focus on assets that provide the strongest financial returns. As part of this strategy, the energy firm plans to divest its US-based renewable natural gas division, Archaea. Furthermore, BP confirmed it is selling its North Sea operations, effectively ending six decades of production in that area.
Brent crude prices averaged $103.85 per barrel during the second quarter, a significant increase from the $67.88 average seen in the previous year. While Greenpeace representative Angharad Hopkinson criticized the company for prioritizing corporate gains over public interests, she supported the decision to exit the North Sea, labeling continued extraction in that region as unwise.
