𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

BP has been criticised after revealing its strongest quarterly profits for four years after being boosted by volatile energy prices during the Middle East conflict.

It came as new boss Meg O’Neill said she is taking “urgent action” to create more value for shareholders and revealed plans to sell off its US biogas business, Archaea.

The FTSE 100 company revealed its preferred profit measure – underlying replacement cost profit – surged by around 78% to 5.7 billion US dollars (£4.2 billion) for the second quarter of 2026, compared with the previous three months.

The sharp jump in profits, which surpassed analyst predictions, came as its refining and trading business benefited from rising prices during the Iran war.

Rivals including Shell and ExxonMobil have also reported stronger profits after the boost linked to the conflict.

Campaigners accused BP of profiteering from a “climate crisis”.

Friends of the Earth’s head of campaigns Rosie Downes said: “Clearly not everyone is feeling the pain of the energy crisis.

“While BP banks another round of enormous profits, millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control with increasingly severe heatwaves, wildfires and droughts.”

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “The price shock profiteers have banked more billions from a crisis that has created real hardship for millions of households.”

The group confirmed plans to move further away from renewables, revealing plans to sell off its US renewable natural gas business Archaea.

The move is part of efforts under the leadership of Ms O’Neill, who joined the firm in April, to sell off non-core assets as part of a strategy overhaul.

Last week, BP said it was putting its UK North Sea business up for sale after 60 years of production.

Bosses have said the group is also seeking to improve cost efficiencies in order to boost profitability.

Ms O’Neill said: “We are not making the most of our potential.

“Our performance over the past few years has not met our own expectations, let alone those of our shareholders.

“We have not delivered consistently, we have written off too much value, and our costs and liabilities are not resilient enough in a low price environment.

“We know what we need to do, we are taking urgent action and I am confident that this is how we will grow long-term value for shareholders.”