BP profits more than double as Iran war sends oil prices soaring
Summary
BP’s profits more than doubled in the second quarter of 2024 due to higher oil and gas prices caused by the conflict in the Middle East. BP’s new CEO, Meg O’Neill, plans to review the company’s strategy, including possibly selling its North Sea oil and gas assets.Key Facts
- BP reported $5.73 billion in profits from April to June 2024, more than twice the previous quarter.
- The rise in profits was caused by higher oil and gas prices linked to the ongoing Middle East conflict.
- Meg O’Neill, BP’s new CEO, said the company could do more to improve its performance.
- BP is considering selling its North Sea oil and gas business after six decades of production.
- O’Neill spoke with UK Prime Minister Andy Burnham about using domestic oil and gas resources.
- Other major oil companies, like Shell and Saudi Aramco, also reported record or near-record profits.
- Rising energy prices have increased energy bills for families and businesses worldwide.
- President Donald Trump criticized oil companies Chevron and ExxonMobil for making too much profit and suggested they return some to the public.
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