BP posted its strongest quarterly profit in four years after higher oil prices, fuelled by the Iran conflict, boosted earnings in the April-June quarter.
The energy major reported a profit of $5.73 billion for the three months ended June, more than double the $2.35 billion it earned in the same period last year. The result marks BP's highest quarterly profit since the surge in energy prices following the Russia-Ukraine war in 2022.
The jump in earnings comes as crude prices climbed sharply after the outbreak of the Iran war, which disrupted global oil and gas supplies passing through the strategically important Strait of Hormuz.
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BP said Brent crude, the global oil benchmark, averaged $103.85 a barrel during the quarter, compared with $67.88 a year earlier.
Despite the earnings surge, Chief Executive Meg O'Neill said the company still has room to improve.
"We have to focus on the assets with the strongest potential to deliver competitive returns and long-term value," O'Neill said, adding that BP's strategy is centred on delivering "value, not sentiment or history."
As part of that strategy, BP confirmed plans to divest its U.S. renewable natural gas business, Archaea, signalling a continued shift away from clean energy investments. The announcement follows last week's decision to put its North Sea business up for sale, potentially ending the company's six-decade presence in the region.
Environmental groups criticised the company for benefiting from elevated energy prices while scaling back its clean energy ambitions.
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"Corporate gains have become entirely divorced from the public good," said Angharad Hopkinson of Greenpeace. "Prolonging this parasitic relationship by trying to squeeze the last few drops of expensive oil out of the North Sea is sheer folly."
The latest results underscore how geopolitical tensions continue to reshape global energy markets, with oil producers reaping windfall profits as supply disruptions keep crude prices elevated.
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