BP Q2 2026 profits more than double on higher oil prices amid US‑Iran conflict FAST-MOVING

BP Q2 2026 profit US‑Iran conflict asset sales Meg O'Neill

BP reported its strongest quarterly profit in four years, with underlying replacement‑cost earnings of $5.7 billion, more than double the previous year. Net profit after tax rose to $3.91 billion from $1.62 billion a year earlier and total revenue jumped 47 % to $70 billion, driven by sharply higher fossil‑fuel prices after the United States‑Iran conflict disrupted shipments through the Strait of Hormuz.

The company announced a strategic portfolio simplification, planning to sell its UK North Sea business, the Gelsenkirchen refinery, its Austrian retail network and the U.S. biogas unit Archaea Energy. CEO Meg O’Neill said the moves aim to reduce debt and focus on core oil and gas assets. BP also raised its quarterly dividend by 4 % and its London‑listed share price rose about 0.5 % in early trading.

Competitors such as Shell, Chevron, ExxonMobil, and Saudi Aramco also posted record‑high earnings for the quarter, underscoring the sector‑wide impact of the Middle‑East tension on energy markets.

Entities: Archaea Energy · BP · BP plc · Gelsenkirchen refinery · Iran · Meg O'Neill · Meg O’Neill · UK North Sea business · United States

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 6 SOURCES] BP announced plans to sell its North Sea business, the Gelsenkirchen refinery, its Austrian retail network and the U.S. biogas unit Archaea. (BP)
[● 5 SOURCES] The five largest western energy companies (BP, Chevron, ExxonMobil, Shell, TotalEnergies) posted combined net profit of about $47 billion for the quarter. (Industry data)
[● 5 SOURCES] Higher fossil‑fuel prices driven by the conflict between the United States and Iran lifted BP's earnings. (BP)
[● 5 SOURCES] BP's adjusted core profit more than doubled to $5.7 billion for the quarter. (BP)
[● 4 SOURCES] BP's share price rose about 0.5 % in early London trading after the results were announced. (Market data)
[● 5 SOURCES] BP's total revenue increased 47 % to $70 billion year‑over‑year for the quarter. (BP)
[● 5 SOURCES] BP increased its quarterly dividend by 4 %. (BP)
[● 5 SOURCES] BP's net profit after tax for the April‑June period rose to $3.91 billion from $1.62 billion in the same quarter a year earlier. (BP)