bp Surges to $5.73B Profit in Q2, Driven by Higher Gas Prices

bp has reported a significant surge in profits for the second quarter of 2026, with an underlying replacement cost profit of $5.73 billion, up 144% year-on-year.

The company attributed the earnings increase to higher liquid and gas prices, stronger refining margins, and improved customer results, which offset planned maintenance turnarounds and regional market disruptions.

bp's new CEO, Meg O'Neill, emphasized the importance of streamlining its portfolio, reducing debt, and investing in high-value projects. The company has already made progress on this front, selling its Austrian retail business, completing the divestment of its Gelsenkirchen refinery in Germany, and launching the sale of its UK North Sea business.

bp's upstream production averaged 2.20 million barrels of oil equivalent per day (mmboe/d) in Q2 2026, while reported gas and low-carbon energy production reached 765,000 boe/d. The company highlighted significant momentum across its Egyptian portfolio, including a natural gas discovery at the Nidoco N-2 exploration well in the East Nile Delta concession.

bp also reaffirmed key milestones in Egypt, including the signing of a memorandum of understanding (MoU) with South Valley Egyptian Petroleum Holding Company (Ganope) for the award of Block 6 in the Red Sea. The company has finalized an investment decision for the El Burg Offshore area via Arcius, a joint venture between bp and XRG, to develop the Harmattan gas field.