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

Britain's BP reported on Tuesday, 4 August 2026 (13 Mordad 1405) that its underlying replacement cost profit, the measure used as a proxy for net profit, reached $5.7 billion in the second calendar quarter (April to June 2026). That beat the $5 billion analysts had expected according to an LSEG-compiled consensus. BP had posted $2.35 billion in the same period last year and $3.2 billion in the first three months of 2026. The company's shares are up more than 27% so far this calendar year.

The results follow a surge in oil and gas prices during the hostilities between the United States and Iran, a conflict that has severely disrupted shipping through the Strait of Hormuz, the waterway that normally carries around a fifth of the world's oil and natural gas.

BP Chief Executive Meg O'Neill told CNBC on Tuesday that she understands the pressure households feel at the pump, but that the prices for the company's products track the global commodity price. She said BP is focused on reliability at both its upstream and refining assets and on maximising the availability of the products consumers need most, citing jet fuel and diesel. BP also said on Monday it had completed the sale of its Gelsenkirchen refinery and related businesses to the investment firm Klesch Group, a deal expected to lower the oil major's underlying operating expenditure by around $1 billion.