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BP second-quarter profit triples to $9.3 billion
The company reported a net profit of $9.3 billion -- a threefold increase from the same three-month period last year -- following a $20.4-billion loss in the first quarter.
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BP logos are seen at a BP petrol and diesel filling station in Hildenborough, southeast of London on June 15, 2020, following the announcement that the oil giant will take a hit of up to $17.5 billion (11.4 billion euros and 15.3 billion euros), due to the ongoing COVID-19 global pandemic. British energy giant BP said Monday that it will take a hit of up to $17.5 billion in the second quarter as (Agence France-Presse/Ben Stansall)
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ritish oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a big loss due to its exit from Russia over the war in Ukraine, company results showed Tuesday.
The company reported a net profit of $9.3 billion -- a threefold increase from the same three-month period last year -- following a $20.4-billion loss in the first quarter.
BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia's invasion of Ukraine.
British rival Shell reported last week a fivefold surge in second-quarter profit to $18 billion while France's TotalEnergies raked in $6 billion over the same period.
BP said in its earnings statement that it expects oil prices "to remain elevated in the third quarter due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five year average".
