BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’
Higher oil and gas prices lifted refining and trading margins, while BP said it will sell Archaea Energy as it reshapes its portfolio.
- On Aug 4, 2026, BP PLC reported second-quarter net income of $3.91 billion, beating Wall Street expectations with an underlying replacement-cost profit of $5.73 billion.
- Higher oil and gas prices linked to the Middle East conflict boosted returns for oil majors, serving as the primary driver for the stronger second-quarter results.
- The firm is offloading assets including the Gelsenkirchen refinery and its retail business in Austria while also selling its North Sea operations and biogas business, Archaea.
- Dividend payouts increased 4% to 8.66 cents per share for the second quarter, as adjusted earnings of $2.22 per share exceeded the average estimate of $1.98 from analysts surveyed by Zacks Investment Research.
- Shares have risen 39% over the past 12 months reflecting investor confidence, though the company has written off billions from low-carbon businesses in recent months amid its strategic pivot.
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82 Articles
The Daily Caller
Can This New CEO Save BP From Its Own Past?
BP has become increasingly less competitive with former peer companies like Shell, Chevron and ExxonMobil.
BP Is Selling Another Green Energy Business. Strong Oil Prices Help Drive Best Profit Since 2022
In its earnings statement, CEO Meg O'Neill said BP is taking a fresh look at the business to improve performance, reduce complexity and strengthen areas that generate stronger financial returns,
What Burnham could learn from BP's pragmatism
In 2020, BP unveiled a “major, necessary step in support of our purpose to reimagine energy for people and our planet.” The new strategy – “performing while transforming” – would see the firm “significantly scale-up our low carbon energy business” as part of a commitment “to become a net zero company by 2050 or sooner and help the world get to net zero.” Even the design of the annual report aimed to reflect this, oozing cuddly vibes with doodles…
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