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BP profit more than doubles as Middle East conflict lifts oil prices
At a glance
- BP Q2 profit after tax rose to $3.91bn, more than doubling year on year.
- Total revenue increased 47% to $70bn, driven by higher fossil fuel prices and trading gains.
- Core profit measure rose to $5.7bn, outperforming expectations.
- Five major Western energy companies reported nearly $47bn combined Q2 profits amid US-Iran tensions.
- BP is selling non-core assets (Gelsenkirchen refinery, Austrian retail, UK North Sea unit, and Archaea biogas) and raised its quarterly dividend by 4%.
- Meg ONeill, appointed CEO in April, is refocusing BP and addressing recent governance issues.
BP Q2 Earnings and Market Context
British energy giant BP reported on Tuesday that its net profit more than doubled in the second quarter as the Middle East conflict disrupted markets and drove fossil fuel prices higher. Profit after tax rose to $3.91 billion (€3.38 billion) in AprilJune, up from $1.62 billion (€1.40 billion) in the same quarter of 2025, the company said in its earnings statement.
BPs total revenue climbed 47% year on year to $70 billion (€60.43 billion) in the quarter as volatility in oil and gas markets lifted trading profits. The groups core profit measure, which strips out certain one-off items, more than doubled to $5.7 billion (€4.92 billion) and beat analyst expectations.
The bumper results come amid a broader surge in earnings across major Western energy companies. BP, Chevron, ExxonMobil, Shell and TotalEnergiesthe five biggest Western energy majorsreported combined net profits of almost $47 billion (€40.60 billion) in Q2 as markets reacted to US-Iran hostilities and related supply concerns.
Strategy, divestments and leadership
BP chief executive Meg ONeill, who took the role in April, described the reporting period as one of the most disrupted periods in the global energy market. She said the company has not delivered to its potential in recent years and is taking steps to strengthen the balance sheet and refocus the business.
In recent weeks BP has moved to divest several assets: it sold its Gelsenkirchen refinery in Germany, agreed to sell its retail business in Austria, announced plans to sell its North Sea business in the UK, and intends to sell Archaea, its US biogas unit. The company also raised its quarterly dividend by 4%, and its shares rose about 0.5% in early London trading following the update.
ONeillformerly of ExxonMobil and Woodside Energyis BPs first external CEO in the companys 117-year history. Her tenure has already included governance turmoil: shareholders at the April annual meeting rejected a resolution that would have reduced climate reporting requirements, and the company removed chairman Albert Manifold in May amid serious concerns about governance standards, a decision he denies.
Looking ahead, BP says it is benefiting from stronger trading conditions while reshaping its asset portfolio, but the company faces scrutiny from investors over strategy, governance and its direction between oil-and-gas returns and the energy transition.
