Business & Markets
BP profit more than doubles to $3.91bn as shares fall
BP said its profit after tax more than doubled to $3.91 billion in the April-June quarter as oil and gas prices rose during the Middle East war, but its shares later fell after an initial rise.
The British energy company reported profit after tax of $3.91 billion, up from $1.62 billion in the second quarter of 2025. BP said total revenue rose 47% year on year to $70 billion as the conflict disrupted global fossil fuel supplies.
BP said a core profit measure that strips out certain items more than doubled to $5.7 billion. The five biggest Western energy majors — BP, Chevron, ExxonMobil, Shell and TotalEnergies — reported combined second-quarter net profits of almost $47 billion.
Chief executive Meg O'Neill said the period had been marked by major disruption in the global energy market. BP raised its quarterly dividend by 4%, while its share price fell 1.4% after rising initially in reaction to the earnings update.
BP said it had sold its Gelsenkirchen refinery in Germany, agreed to sell its retail business in Austria and planned to sell its North Sea business in the UK. O'Neill also said BP intended to sell Archaea, its biogas business in the United States.
BP had cut clean energy investment before O'Neill's appointment as it shifted back toward its more profitable oil and gas business. O'Neill, chief executive since April, said the company's recent performance had not met its own expectations or those of shareholders.
The company has also faced internal unrest. Investors rejected a resolution in April that would have reduced BP's climate reporting requirements. A month later, BP removed Albert Manifold as chairman, citing serious concerns about governance standards, oversight and conduct at the company; Manifold denied those concerns.
Update
BP shares fell 1.4% after initially rising following the earnings update.
Meg O'Neill told analysts and media that BP would be a world-class integrated oil and gas company making tough decisions.
The item adds that O'Neill has been BP chief executive since April.
Source note: AFP news report published on 4 August 2026 at 12:57:56 UTC.
Update
BP raised its quarterly dividend by 4%.
BP's share price rose 0.5% in early London trading after the earnings update.
BP said a core profit measure that strips out certain items more than doubled to $5.7 billion.
BP said it planned to sell Archaea, its biogas business in the United States.
BP said it had sold its Gelsenkirchen refinery in Germany and agreed to sell its retail business in Austria.
The five biggest Western energy majors reported combined second-quarter net profits of almost $47 billion.
The item adds details on recent shareholder unrest and the removal of Albert Manifold as BP chairman.
Source note: AFP news report published on 4 August 2026 at 08:25:00 UTC.
Update
BP said total revenue rose 47% year on year to $70 billion in the second quarter.
Chief executive Meg O'Neill said BP was not making the most of its potential and that recent performance had not met expectations.
BP launched moves on Friday to sell its North Sea business.
BP had cut clean energy investment before O'Neill's appointment as it shifted back toward oil and gas.
Source note: AFP news report published on 4 August 2026 at 06:47:19 UTC.
Update
BP said profit after tax was $3.91 billion in April-June.
BP said profit after tax was $1.62 billion in the second quarter of 2025.
The item says the increase came as oil and gas prices rose from a year earlier during the Middle East war.
Source note: AFP news report published on 4 August 2026 at 06:31:47 UTC.
Source
AFP news report published on .