British energy company bp reported a roughly 150% jump in second-quarter profit on Tuesday as higher oil and natural gas prices and stronger refining margins lifted earnings.
bp posted a profit of $5.73 billion for the April-June period, up from $2.3 billion a year earlier and above analysts' expectations of about $5.1 billion.
The company's profit for the first six months of the year rose 140% from the same period last year to $8.93 billion.
The stronger performance reflected higher crude oil and natural gas prices following disruptions in global energy markets triggered by the US/Israel-Iran conflict, as well as improved refining margins.
bp’s CEO Meg O’Neill said: “This is my first full quarter at bp, and it has been marked by one of the most disrupted periods in the global energy market. Through that, bp’s team has stepped up, working tirelessly to keep energy flowing for our customers.”
“We made good progress strengthening bp’s balance sheet,” O’Neill said. “We also took steps to simplify and strengthen bp. In recent weeks, we sold our Gelsenkirchen refinery, agreed to sell our retail business in Austria and announced our intention to sell our North Sea business in the UK.”
“Today, we are announcing our intention to sell Archaea, our biogas business in the US,” she added.
Reporting by Nuran Erkul Kaya in London
Writing by Handan Kazanci
Anadolu Agency
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