BP has reported its highest quarterly profits since the first year of Russia's war on Ukraine, more than doubling to $5.73 billion in the three months to June. The surge comes as the ongoing conflict in the Middle East continues to disrupt energy exports from the Gulf, pushing oil and gas prices higher.
The company's profits rose by $2.5 billion from the previous quarter, exceeding analyst expectations. However, BP's new chief executive, Meg O'Neill, struck a cautious tone, saying there was 'more to do' because the company was 'not making the most' of its potential.
What is BP's new strategy under Meg O'Neill?
O'Neill is expected to lead a major overhaul of the 117-year-old company, including a potential exit from the North Sea after six decades of production from the UK's oil and gas basin. In an interview with CNBC, she said she had spoken with new UK Prime Minister Andy Burnham, who 'reinforced his desire to work closely with business' and be pragmatic.
'The UK is still using a huge amount of oil and natural gas every single day, and we ought to be using our domestic resources first instead of buying those resources from a third party,' O'Neill added. She framed the approach as a way to benefit local communities through economic development.
How do BP's profits compare to other oil giants?
BP's results come days after Shell posted its second highest quarterly earnings on record, doubling net profit to nearly $10 billion. Saudi oil company Aramco also saw a 44% rise in net profits to $32.69 billion, despite disruptions in the Strait of Hormuz, driven by higher sales of refined products and crude oil.
Why are these windfall profits controversial?
The profits have drawn sharp criticism as households and businesses struggle with rising energy bills. Millions have also been affected by severe heatwaves across Europe, which scientists say are made more likely and severe by the fossil-fuel-driven climate crisis. Former US President Donald Trump said Chevron and ExxonMobil, which also reported sharp profit increases, are 'making too much money' and should return some profits to the public.
Rosie Downes, head of campaigns at Friends of the Earth, 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.'
What does this mean for Namibia and the global energy transition?
The data underscores a key tension in global energy policy: while governments push for renewable energy and climate action, oil majors continue to generate record profits from fossil fuels. For Namibia, which is exploring its own oil and gas potential while also investing in green hydrogen, the BP results highlight both the economic opportunities and environmental risks of hydrocarbon development.