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BP and Shell post profit jumps as Iran-war oil prices surge
BP’s adjusted earnings rose to $9.8 billion, and Shell’s buybacks marked a 19th straight quarter of at least $3 billion.
BP p.l.c. and Shell plc reported sharp year-over-year profit increases, driven largely by a surge in oil and gas prices tied to the Iran-war backdrop, a theme that also drew public criticism from President Trump toward other US-based oil majors, according to Yahoo Finance.
Under that shared macro boost, the companies’ underlying performance diverged. BP’s profit more than doubled under new CEO Meg O’Neill, whose turnaround pitch acknowledges the company has not delivered consistently in recent years, while Shell posted its best quarter since 2022 and kept its longer-running approach, with CEO Wael Sawan pointing to a strategy built to thrive through volatility.
Shell delivered profit of $5.73 billion, above analysts’ $5.11 billion expectation, and continued a buyback streak, with 19 straight quarters of repurchases worth at least $3 billion. It also said its integrated gas business increased profit 55% despite dealing with a plant outage.
BP raised its dividend by 4% and cut net debt to $22.25 billion from $25.3 billion, aiming to reach a long-term debt target early, while Citi said BP lost the label of being the most indebted among major oil firms. Yahoo Finance also noted BP’s stock fell about 2% on earnings day as oil prices dipped on hopes of a U.S.-Iran deal, and that BP is still selling assets including its US biogas business, North Sea operations, and an Austrian retail unit to fund the turnaround.