What were BP's quarterly profits for the three months to the end of June, and what factor did the company attribute this surge to?

BP's quarterly profits more than doubled to $5.73bn (£4.27bn) in the three months to the end of June, up $2.5bn from the previous quarter, due to rising oil and gas prices caused by the ongoing Middle East crisis.

What major strategic shift did BP's new CEO Meg O'Neill announce, and how did she justify continued UK oil and gas production?

Meg O'Neill announced an overhaul of BP, including an exit from the North Sea after six decades of production; she justified continued UK oil and gas development by stating the UK still uses 'a huge amount of oil and natural gas every single day' and should prioritize 'domestic resources first instead of buying those resources from a third party', aligning with Prime Minister Andy Burnham's 'pragmatic' and locally focused economic approach.

BP profits more than double as Iran war sends oil prices soaring

Aug 4, 2026

BP reported record quarterly profits of $5.73bn, doubling due to Middle East tensions driving oil prices higher. Competitors Shell and Aramco also posted record earnings, sparking criticism over soaring energy bills despite sector growth.

theguardian

2026-04-27

BP Profit Jumps as Oil Trading Boomed During Iran War

2026-05-07

BP CEO Announces Upstream/Downstream Restructuring Starting in June

2026-05-26

BP Fires Board Chair on Governance Concerns Only Months Into Job

2026-06-01

BP Executive Vice President William Lin to Depart Amid Leadership Overhaul

2026-07-09

BP CEO says company must sharpen financial discipline, tighten spending