𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

BP has faced criticism after revealing its strongest quarterly profits in four years, a surge boosted by volatile energy prices amid the Middle East conflict.

The FTSE 100 company’s preferred profit measure – underlying replacement cost profit – soared by approximately 78 per cent to 5.7 billion US dollars (£4.2 billion) for the second quarter of 2026, compared with the previous three months.

This sharp jump, exceeding analyst predictions, stemmed from its refining and trading business benefiting from rising prices during the Iran war.

New chief executive Meg O’Neill stated she is taking “urgent action” to create more value for shareholders, announcing plans to sell off its US biogas business, Archaea.

Rivals such as Shell and ExxonMobil have also reported stronger profits, similarly boosted by the conflict. Campaigners have 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.”