BP profits highest in four years as Iran war pushes up oil price
Summary
BP’s profits for April to June reached $5.73 billion, the highest in four years, due to increased oil prices caused by the war in the Middle East. The company plans to sell its North Sea oil business and move away from some clean energy projects to focus on more profitable assets.Key Facts
- BP’s profit more than doubled from $2.35 billion last year to $5.73 billion this quarter.
- The rise in oil prices is linked to the war in the Middle East, which disrupted oil supplies through the Strait of Hormuz.
- Brent crude oil prices averaged $103.85 per barrel this quarter, up from $67.88 last year.
- BP plans to sell its North Sea oil business, ending 60 years of operations there.
- The company is also selling its U.S. renewable natural gas business, Archaea.
- BP’s CEO Meg O’Neill said the company is focusing on assets with the best returns rather than following past or sentimental reasons.
- Environmental groups criticized BP for making large profits while energy prices rise globally.
- BP has about 14,000 employees in the UK.
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