bp reports $2.6bn second-quarter profit amid lower fuel prices

The energy giant said the profit declined by 70% from the previous year due to lower fuel prices and weaker oil trading

bp has announced today a second-quarter profit of $2.6 billion (£2bn), falling 70% from the previous year due to lower fuel prices and weaker oil trading.

The reported profit missed forecasts but still allowed the company to increase its dividend by 10%.

The energy giant reported a $5 billion (£3.9bn) profit in the previous quarter.

bp said the profit decline was influenced by lower refining margins, increased turnaround and maintenance activity and a weak oil trading result.

Lower oil and gas realisations and a weaker gas marketing and trading result also contributed to the decrease.

Charlie Kronick, Senior Climate Advisor at Greenpeace UK, responded to the announcement by stating that bp’s posting of billions in profits while wildfires and floods devastate the world reveals who truly benefits from Rishi Sunak‘s climate policy u-turns.

Mr Kronick emphasised that issuing new oil and gas licenses would not enhance energy security or tackle the climate crisis and cost of living challenges in the UK.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast