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BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’
The company beat analyst forecasts as higher oil and gas prices lifted refining margins and it moved ahead with asset sales and a dividend increase.
- 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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While consumers are struggling with high prices, the profits of the oil multinationals are pounding. Calls for an over-profit tax are getting louder – also from Donald Trump.
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Trump Whines: Big Oil Is "Making Too Much Money"
Semafor reports: US President Donald Trump accused oil majors of “making too much money” after they reported windfalls from the Iran war, saying they should “give some back to the public.” ExxonMobil’s second-quarter profits doubled year-on-year, Chevron had its highest earnings on record and Aramco, BP, and Shell declared blockbuster earnings. Oil prices breached $100/barrel in May and average US pump prices hit $4.55 as the conflict disrupted …
Coverage Details
Total News Sources64
Leaning Left9Leaning Right12Center18Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 23%
C 46%
R 31%
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