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BP profits more than double as Middle East turmoil lifts oil prices
BP reported $5.73 billion in quarterly profits for the three months to end-June, citing higher oil and gas prices amid disruptions to Gulf energy exports.
BP’s quarterly profits more than doubled as rising oil and gas prices, driven by the Middle East crisis, boosted the company’s earnings, according to the Guardian Business.
BP chief executive Meg O’Neill urged UK Prime Minister Andy Burnham to prioritize using energy produced in the country, arguing that it creates jobs and tax revenue, even as BP prepares to sell its North Sea business after 60 years.
O’Neill said BP’s North Sea investments were “not competitive” within the company’s portfolio, and BP reported its highest quarterly profits since the first year of Russia’s war on Ukraine.
The company said it has received several unsolicited approaches to buy its North Sea fields and expressed optimism the assets would remain profitable under a future owner, while Burnham’s government is expected to decide whether two North Sea projects can proceed.