BP Profit More Than Doubles to $5.73 Billion as Iran War Lifts Oil to $103.85
Updated
Updated · BBC.com · Aug 4
BP Profit More Than Doubles to $5.73 Billion as Iran War Lifts Oil to $103.85
3 articles · Updated · BBC.com · Aug 4
Summary
BP posted $5.73 billion in April-June profit, up from $2.35 billion a year earlier and its highest quarterly haul since 2022.
Brent crude averaged $103.85 a barrel versus $67.88 a year earlier after the Iran war disrupted oil and gas flows through the Strait of Hormuz.
Meg O'Neill said BP still was not reaching its full potential and confirmed a further retreat from clean energy by putting Archaea, its US renewable natural gas business, up for sale.
That shift follows BP's move last week to market its North Sea business, potentially ending 60 years of production there, while environmental and anti-poverty groups accused the company of profiteering from higher energy costs.