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BBC

BP posts $5.73bn Q2 net profit, highest since 2022, as Middle East war lifts oil prices

AI Market Summary
BP's Q2 net profit surged to $5.73bn, the highest since 2022, driven by a sharp rise in Brent crude averaging $103.85/bbl amid Middle East conflict and Strait of Hormuz supply disruption. The results reinforce the near-term earnings leverage of integrated oil majors to elevated crude prices. BP also signaled a strategic tilt back toward legacy hydrocarbons via divestments in renewables.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-3.39%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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BP said its net profit for the second quarter of 2024 rose to $5.73bn, the company’s highest quarterly level since 2022. BP attributed the jump to higher oil prices driven by war in the Middle East, with Brent crude averaging $103.85 a barrel during the period, up 53% from a year earlier. The company also said it will divest its US renewable natural gas business Archaea as it pivots further back toward its core oil and gas operations.
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