BP has reported its strongest quarterly profits in four years, boosted by volatile energy prices during the Middle East conflict, drawing criticism from campaigners.
Profit surge and market context
The FTSE 100 company's underlying replacement cost profit jumped by approximately 78% to 5.7 billion US dollars (£4.2 billion) for the second quarter of 2026, compared with the previous three months. This figure surpassed analyst predictions.
The sharp rise was driven by its refining and trading business benefiting from higher prices during the Iran war. Rivals including Shell and ExxonMobil have also reported stronger profits linked to the conflict.
Criticism from campaigners
Campaigners accused BP of profiteering from a “climate crisis”. Rosie Downes, Friends of the Earth's head of campaigns, said: “Clearly not everyone is feeling the pain of the energy crisis.”
Simon Francis, coordinator of the End Fuel Poverty Coalition, added: “The price shock profiteers have banked more billions from a crisis that has created real hardship for millions of households.”
Strategic shift and asset sales
New boss Meg O'Neill, who joined in April, said she is taking “urgent action” to create more value for shareholders. The group confirmed plans to sell its US biogas business, Archaea, as part of a strategy overhaul to offload non-core assets.
Last week, BP announced it was putting its UK North Sea business up for sale after 60 years of production. Bosses have also said the group is seeking to improve cost efficiencies to boost profitability.
Ms O'Neill said: “We are not making the most of our potential. Our performance over the past few years has not met our own expectations, let alone those of our shareholders. We have not delivered consistently, we have written off too much value, and our costs and liabilities are not resilient enough in a low price environment. We know what we need to do, we are taking urgent action and I am confident that this is how we will grow long-term value for shareholders.”
