- Published
Profits at BP have surged to the highest since 2022 after the war in the Middle East pushed up oil prices.
asserted
war → publish → prices
The oil giant reported a profit of $5.73bn (£4.26bn) between April and June.
asserted
giant → report → April
That was more than double the $2.35bn made a year earlier and the highest quarterly profit since 2022 when the Russia-Ukraine war began.
asserted
war → make → 2022
The price of crude oil has jumped since the outbreak of the Iran war earlier this year due to major disruption to global supplies of oil and gas through the Strait of Hormuz.
asserted
price → jump → Hormuz
Environmental and poverty campaigners blasted BP for "profiteering" off skyrocketing oil prices.
asserted
campaigners → blast → prices
Crude oil prices shot up after the outbreak of conflict in the Middle East, which in turn pushed up petrol and diesel prices and domestic energy costs around the world.
asserted
which → shoot → world
BP said Brent crude – the global benchmark for oil prices – averaged $103.85 a barrel in the April-to-June quarter, up from $67.88 in the same period last year.
asserted
crude → say → period
The rise in the oil price has benefited all energy companies, not just BP, with rival Shell also reporting a doubling in quarterly profits last week.
asserted
Shell → benefit → profits
On Monday, US President Donald Trump said American oil firms ExxonMobil and Chevron were "making too much money".
asserted
firms → say → money
He told reporters: "I don't like it, and I should be the last one to say because I'm a big free enterprise guy.
"
asserted
I → tell → it
They ought to give some of that back to the public, and they better cut the retail price, the consumer price."
asserted
they → give → price
Despite the big rise in profits, BP chief executive Meg O'Neill said the company was not reaching its full potential.
asserted
company → say → potential
BP, which employs nearly 14,000 people in the UK, confirmed plans to move further away from clean energy, revealing plans to sell off its US renewable natural gas business Archaea.
asserted
which → employ → business
O'Neill said this was part of her plan to prioritise "value, not sentiment or history".
asserted
this → say → value
"We have to focus on the assets with the strongest potential to deliver competitive returns and long-term value," she said.
asserted
she → have → returns
Last week, BP announced it was putting its North Sea business up for sale in a move that would end 60 years of production in the region by the company.
asserted
that → announce → company
Russ Mould, investment director at AJ Bell, said the sell-offs intended to make the business more streamlined.
asserted
business → say → Bell
"O'Neill will be aware she cannot rely on oil and gas prices remaining this high indefinitely," he said.
asserted
he → rely → ?
"She needs to make sure it can prosper even when the backdrop is less helpful."
The bumper profits reported by oil companies have led to an angry response from campaign groups.
asserted
profits → need → groups
Angharad Hopkinson, from environmental group Greenpeace, said BP's results showed that "corporate gains have become entirely divorced from the public good".
asserted
gains → say → good
She said "the one point on which we agree with BP" is its decision to sell off its North Sea operations.
asserted
we → say → operations
"Prolonging this parasitic relationship by trying to squeeze the last few drops of expensive oil out of the North Sea is sheer folly," Hopkinson said.
asserted
Hopkinson → prolong → Sea
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said oil firms "have banked more billions from a crisis that has created real hardship for millions of households".
asserted
that → say → households
"The lesson is not to hand yet more tax breaks to an industry posting billions in profit every quarter, but to use Windfall Tax receipts to clear the record energy debt households built up during the crisis," he said.
asserted
he → hand → crisis
Energy firms operating in the UK are subject to a windfall tax - called the Energy Profits Levy - that was introduced in 2022.
asserted
that → operate → 2022
However, the tax only applies to profits made from extracting oil and gas in the UK.
asserted
tax → apply → UK
- Published
Profits at BP have surged to the highest since 2022 after the war in the Middle East pushed up oil prices.
asserted
war → publish → prices
The oil giant reported a profit of $5.73bn (£4.26bn) between April and June.
asserted
giant → report → April
That was more than double the $2.35bn made a year earlier and the highest quarterly profit since 2022 when the Russia-Ukraine war began.
asserted
war → make → 2022
The price of crude oil has jumped since the outbreak of the Iran war earlier this year due to major disruption to global supplies of oil and gas through the Strait of Hormuz.
asserted
price → jump → Hormuz
Environmental and poverty campaigners blasted BP for "profiteering" off skyrocketing oil prices.
asserted
campaigners → blast → prices
Crude oil prices shot up after the outbreak of conflict in the Middle East, which in turn pushed up petrol and diesel prices and domestic energy costs around the world.
asserted
which → shoot → world
BP said Brent crude – the global benchmark for oil prices – averaged $103.85 a barrel in the April-to-June quarter, up from $67.88 in the same period last year.
asserted
crude → say → period
The rise in the oil price has benefited all energy companies, not just BP, with rival Shell also reporting a doubling in quarterly profits last week.
asserted
Shell → benefit → profits
On Monday, US President Donald Trump said American oil firms ExxonMobil and Chevron were "making too much money".
asserted
firms → say → money
He told reporters: "I don't like it, and I should be the last one to say because I'm a big free enterprise guy.
"
asserted
I → tell → it
They ought to give some of that back to the public, and they better cut the retail price, the consumer price."
asserted
they → give → price
Despite the big rise in profits, BP chief executive Meg O'Neill said the company was not reaching its full potential.
asserted
company → say → potential
BP, which employs nearly 14,000 people in the UK, confirmed plans to move further away from clean energy, revealing plans to sell off its US renewable natural gas business Archaea.
asserted
which → employ → business
O'Neill said this was part of her plan to prioritise "value, not sentiment or history".
asserted
this → say → value
…and 12 more, not listed.
The Aporia
