BP has reported first-quarter profits of $3.2bn (£2.4bn), more than double the $1.38bn earned in the same period last year, prompting outrage from campaigners who say the windfall comes at the expense of consumers. The surge was driven by exceptional oil trading as global prices soared following the outbreak of war in Iran.
The company’s highest quarterly profit since 2023 was announced by new chief executive Meg O’Neill, who said BP was working to keep oil, gas and refined products flowing despite an environment of conflict and complexity. The war has led to supply disruptions, with Iran throttling exports through the Strait of Hormuz and pushing Brent crude to $119.50 a barrel in March before emergency stockpile releases cooled the market.
Campaign groups condemned the profits, with Maja Darlington of Greenpeace UK stating that the war was an entirely predictable disaster for everyone except the oil industry. Patrick Galey of Global Witness described the figures as horrifying, drawing parallels to the Ukraine conflict where big oil firms also made bumper profits.
The windfall tax on UK oil and gas production, currently set at 38% on top of the headline rate of 78%, has been extended by Chancellor Rachel Reeves. However, the tax only applies to domestic earnings, not global profits. Energy secretary Ed Miliband said the government would not stand by while companies profiteered at the expense of consumers.
BP also faced damage to its Rumaila oilfield in Iraq from drone attacks, with repair bills expected to hit future profits. O’Neill said the company would work closely with the Iraqi government to restore production as soon as shipping restrictions are lifted.
