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BP reports $5.7 billion second-quarter RC profit on higher prices
BP said the gain reflected higher liquids and gas realizations, stronger realized refining margins, and higher oil and gas trading profits, partly offset by higher exploration write-offs.
BP reported an underlying replacement cost, or RC, profit of $5.7 billion for the second quarter, up from $3.2 billion the previous quarter and more than double the $2.35 billion posted for the same period of 2025, according to OilPrice.
The company attributed the surge to higher oil and gas prices, stronger refining margins, and improved oil and gas trading results versus a year earlier, with the underlying earnings also above analyst expectations, OilPrice reported.
BP said the rise mainly reflected higher liquids and gas realizations, including price lag effects, stronger realized refining margins, and stronger customer results, partly offset by higher exploration write-offs.
OilPrice also noted BP’s oil trading contribution for the second quarter and the first half was significantly higher than in 2025, pointing to benefits from extreme market volatility that also helped European peers such as Shell and TotalEnergies.