BP posts £2bn quarterly profit but falls below expectations

Oil giant BP has revealed that profits tumbled by more than two-thirds over the latest quarter, falling below expectations.

The FTSE 100 giant posted underlying replacement cost profit, the firm’s preferred measure, of 2.59 billion dollars (£2 billion) for the second quarter of 2023.

It compared with an 8.45 billion dollar (£6.6 billion) profit over the same period last year, when it was boosted by a surge in oil and gas prices.

It comes a week after rival oil major Shell also delivered weaker-than-expected profits for its latest quarter.

Bernard Looney, BP chief executive, said: “We’re delivering our strategy at pace – we’ve started up two major oil and gas projects to help keep energy flowing today and we’re accelerating our transformation through our five transition growth engines.

“And we’re delivering for shareholders growing our dividend and announcing a further share buyback.”

News of BP's profits have this morning been criticised as "fundamentally wrong".

“It is fundamentally wrong that big polluters like BP continue to reap billions in profits while the world struggles to meet the rising cost of climate change," Katy Chakrabortty, Head of Policy and Advocacy at Oxfam said.

“It is indefensible that despite raking in vast earnings, BP has weakened commitments to reduce emissions – all while the world burns and the poorest people pay the highest price."

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