BP Earnings Soar 143% to $5.7 Billion Amid Oil Price Boom

BP reported a significant surge in its second-quarter earnings, more than doubling to $5.7 billion from a year earlier on higher oil and gas prices and stronger refining margins.

The UK-based supermajor benefited from the shock supply disruption in the Middle East, which led to a spike in crude oil prices and record refinery utilization.

BP's underlying replacement cost (RC) profit, the closest metric to net profit closely watched by analysts, surpassed the average analyst consensus of $5 billion.

The company attributed the jump in earnings to higher liquids and gas realizations, stronger realized refining margins, and stronger customer results, partly offset by higher exploration write-offs.