BP profits more than double to $5.73bn as oil prices surge

BP's quarterly profit more than doubled to $5.73 billion, the company reported on August 4, 2026, as rising oil and gas prices driven by the Middle East crisis boosted earnings. The crisis has disrupted energy exports from the Gulf.

The figure for the three months to June 30 was up $2.5 billion from the previous quarter, marking BP's highest quarterly profit since the first year of Russia's war on Ukraine and exceeding expectations.

Despite the strong results, new chief executive Meg O'Neill said there was 'more to do' because BP was 'not making the most' of its potential. She is expected to lead an overhaul of the 117-year-old company, including an exit from the North Sea after six decades of UK production.

Speaking to CNBC on August 4, O'Neill said she had spoken with Prime Minister Andy Burnham, who 'reinforced his desire to work closely with business' and be pragmatic. She argued the UK should use domestic oil and gas resources first rather than buying from third parties, adding that the new prime minister was focused on pragmatic approaches that benefit local communities.

BP's results followed Shell's second highest quarterly earnings on record. Europe's largest oil company doubled its net profit to almost $10 billion in the same three-month period. Saudi Aramco posted a 44% increase in net profit to $32.69 billion for the three months ending June 30, 2026, due to higher sales revenue for refined products, chemicals, and crude oil.

The windfall profits drew sharp criticism. Friends of the Earth head of campaigns Rosie Downes said that while BP banks enormous profits, millions of households face sky-high energy bills and a rapidly accelerating climate crisis with increasingly severe heatwaves, wildfires, and droughts. Donald Trump said Chevron and ExxonMobil, which also reported steep profit increases, are 'making too much money' and should return some profits to the public.