BP's second quarter profit more than doubles to $5.7 billion

BP said on Tuesday, 4 August 2026 (13 Mordad 1405), that its underlying replacement cost profit for the second quarter reached $5.7 billion. The measure, the closest metric to net profit and the one analysts watch most closely, stood at $3.2 billion in the previous quarter and $2.35 billion in the same period of 2025. The result also beat an average analyst consensus of $5 billion.

The company said the surge mainly reflected higher liquids and gas realizations, including the impact of price lags, significantly stronger realized refining margins and stronger customer results, partly offset by higher exploration write-offs. BP added that its oil trading contribution for the second quarter and the first half was significantly higher than in the same periods of 2025.

BP, like its European peers, has benefited from the jump in oil and gas prices and refining margins during the West Asia crisis. Shell reported last week that its own second quarter earnings had more than doubled from a year earlier, while Eni, TotalEnergies and Equinor also posted higher profits. Chief Executive Meg O'Neill said in the earnings release that the company needs to take a clear look at itself and stop what is holding it back.