BP Profit Rises to $5.73B as Fossil-Fuel Pivot Accelerates

BP’s underlying replacement-cost profit rose to $5.73 billion in Q2 from $3.2 billion in Q1, supported by higher oil prices, stronger refining margins and another strong quarter from its oil-trading operation. The company is now putting its U.S. biogas business Archaea up for sale, less than four years after acquiring it for $4.1 billion. BP also recently began a sale process for its North Sea oil and gas operations, which has already attracted interest from several potential buyers. New CEO Meg O’Neill is reversing BP’s previous push into renewable energy and refocusing capital on its traditional oil and gas business. The company is targeting $20 billion in divestments by the end of 2027 to reduce debt and strengthen its balance sheet. O’Neill said repeated changes in UK energy policy contributed to BP’s North Sea exit, alongside capital-allocation considerations.