BP Second-Quarter Profit Doubles to $5.7 Billion on High Oil Prices

BP has reported a significant increase in its second-quarter profit, rising to $5.7 billion. This represents more than double the $2.4 billion recorded during the same period last year.

The British oil and gas company attributes this growth primarily to high oil prices resulting from the conflict in the Middle East. TotalEnergies also posted its best quarter in nearly three years, while Shell saw a profit rise to $9.8 billion, compared to $6.9 billion in the previous quarter.

BPs underlying profit rose by $2.5 billion, or 78%, compared to the first quarter of this year. The company generated an operating cash flow of $10.9 billion and saw net debt decrease from $25.3 billion to $22.3 billion, allowing it to improve its debt position.

BPs three segments showed varying levels of growth. Profit in the Gas & Low Carbon Energy division rose by 61.5%, while the Oil Production & Operations segment saw an increase of 80%. The Customers & Products division was the best-performing, with a profit rise of 56%.