Britain’s BP on Tuesday reported a pointy upswing in second-quarter revenue, as power supermajors reap huge earnings from larger fossil gasoline costs amid hostilities between the U.S. and Iran.
The oil big posted underlying alternative value revenue, used as a proxy for web revenue, of $5.7 billion for the April to June interval. That comfortably beat analyst expectations of $5 billion, based on an LSEG-compiled consensus.
BP’s web revenue got here in at $2.35 billion over the identical interval final 12 months and $3.2 billion for the primary three months of 2026.
The outcomes come as oil and gasoline costs have surged amid the sprawling Center East battle. The preventing has severely disrupted transport by means of the strategically very important Strait of Hormuz, a slender maritime choke level that usually handles round a fifth of the world’s oil and pure gasoline.
U.S. President Donald Trump on Monday lashed out at U.S. oil majors Exxon Mobil and Chevron for making “an excessive amount of cash” off larger gasoline costs amid the Iran warfare, reiterating his demand for decrease costs on the pump.
“They’re making an excessive amount of cash based mostly on a scarcity,” Trump advised reporters on the White Home. “I do not prefer it.”
Key highlights from Q2:
- BP elevated its dividend by 4% to eight.66 cents per abnormal share for the second quarter.
- Working money stream got here in at $10.9 billion after considering a $1 billion adjusted working capital construct.
- Internet debt got here in at $22.25 billion on the finish of the second quarter, down from $25.3 billion on the finish of March.
Exxon’s second-quarter earnings greater than doubled to $14.5 billion in comparison with a 12 months in the past, whereas Chevron’s earnings soared by almost 400% to $12 billion in comparison with $2.5 billion in the identical interval final 12 months. CNBC has reached out to Exxon and Chevron for remark.
BP CEO Meg O’Neill mentioned the second-quarter outcomes have been underpinned by a robust efficiency throughout the group and responded to Trump’s criticism of Large Oil.
An indication at BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025.
Bloomberg | Bloomberg | Getty Photographs
“Look, I perceive the strain that the abnormal family feels once they pull into the service station to refill and see the costs. The truth is we produce a worldwide commodity and the costs for the product we promote hangs off that world commodity value,” O’Neill advised CNBC’s “Squawk Field Europe” on Tuesday.
“What BP is doing is ensuring that we’re targeted on the issues we will do to attempt to assist handle the scenario. We’re driving laborious on reliability, each on our upstream property the place we produce these barrels and the refining property the place we refine them.”
O’Neill mentioned the corporate had made changes to how the agency’s refining runs are set as much as maximize the provision of merchandise shoppers most want at any time limit, citing jet gasoline and diesel for example.
Simplification push
BP mentioned Tuesday it had launched the method to market Archaea Power for a possible sale. The corporate had purchased the U.S. biogas enterprise for $4.1 billion in 2022 because it sought to broaden its renewables enterprise, a method it scrapped in early 2025.
BP has been pushing forward with its simplification drive because it doubles down on its core enterprise mannequin of oil and gasoline and divests non-core property to scale back debt.
The corporate mentioned Monday that it had accomplished the sale of its Gelsenkirchen refinery and associated companies to funding agency Klesch Group, in a deal anticipated to decrease the oil big’s underlying working expenditure by round $1 billion.
Shares of BP year-to-date.
BP can also be in search of to stabilize its administration crew after a turbulent interval of government turnover. The London-listed agency abruptly eliminated its chairman Albert Manifold in Could after simply eight months on the job. The board cited “severe issues” associated to governance requirements, oversight and conduct, whereas Manifold has disputed the allegations.
Shares of BP traded 0.5% larger on Tuesday morning. The inventory has climbed greater than 27% year-to-date.
