Profit has again more than doubled at oil and gas giant BP as the war in Iran boosted fossil fuel prices. <\/p>\n
Company profits hit $5.7bn (\u00a34.2bn), up from $2.3bn (\u00a31.7bn) a year earlier and even better than the $5bn analysts had been expecting. <\/p>\n
Money blog: Britons prefer retiring in this European country<\/a> <\/p>\n It was a similar story the last time<\/a> the producer announced quarterly results, when underlying profits topped $3.2bn (\u00a32.366bn), as it benefited from the massive rise in crude oil prices caused by supply disruption in the key Middle East shipping lane, the Strait of Hormuz. <\/p>\n BP’s chief executive Meg O’Neill described the “strong” three-month results as “one of the most\u2004disrupted periods in the global\u2004energy market”. <\/p>\n The figures are for the first quarter when the Iran war was raging the entire time. Prior results included just one month of conflict. <\/p>\n Beneficiaries of Iran war <\/p>\n Despite experiencing supply disruption, oil producers have been beneficiaries of conflict in the Middle East. <\/p>\n Benchmark oil prices soared since March as attacks effectively closed the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas flowed in normal times. <\/p>\n Elsewhere this morning, the world’s largest oil company Saudi Aramco said its net profits were up 44%. <\/p>\n Last week Shell revealed a 70% lift in half-year profits to $16.75bn (\u00a312.6bn). <\/p>\n BP’s finances were also helped by a renewed focus on oil and gas and the selling off of assets. On Friday it announced it’s putting up its North Sea<\/a> operations for sale. <\/p>\n It has doubled down on fossil fuel production despite the climate harms of burning them. <\/p>\n England and Wales experienced the driest July on record<\/a> and three heatwaves in as many months this summer. Half of England is in drought<\/a>. <\/p>\n “Amassing $5.7 billion (\u00a34.24bn) in profits shows how corporate gains have become entirely divorced from the public good – ordinary people are feeling the heat when it should be the polluters paying the price”, said Greenpeace political campaigner Angharad Hopkinson. <\/p>\n BP’s share price was up just under 1% following the results. <\/p>\n","protected":false},"excerpt":{"rendered":"Profit has again more than doubled at oil and gas giant BP as the war in Iran boosted…\n","protected":false},"author":2,"featured_media":97792,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21198],"tags":[67,6704,41362,7285,21573,41361,24,1449,25887,23671,1146,15498],"class_list":["post-97791","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bp","tag-bp","tag-bp-plc","tag-company-profits","tag-crude-oil-prices","tag-fossil-fuel","tag-gas-giant","tag-iran","tag-iran-war","tag-net-profits","tag-profits","tag-strait-of-hormuz","tag-supply-disruption"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117042559196827442","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/97791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=97791"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/97791\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/97792"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=97791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=97791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=97791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}