---
title: "BP doubles quarterly profit on stronger oil prices"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-08-04T07:34:32+00:00"
modified: "2026-08-04T07:50:51+00:00"
date: 2026-08-04
canonical: "https://www.share-talk.com/bp-doubles-quarterly-profit-on-stronger-oil-prices/"
category: "Energy"
categories: ["Energy"]
tags: ["BP", "Meg O'Neill", "North Sea"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/BP-4TH-SEP-26.jpg?fit=1200%2C630&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# BP doubles quarterly profit on stronger oil prices

**Published:** August 4, 2026
**Author:** sharetalk
**Categories:** Energy
**Tags:** BP, Meg O'Neill, North Sea
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/BP-4TH-SEP-26.jpg?fit=1200%2C630&quality=89&ssl=1)

---

[BP PLC (LON: BP)](https://www.investegate.co.uk/announcement/rns/bp--bp./2q26-bp-plc-sea/9702420) more than doubled its second-quarter profit as stronger oil and gas prices, improved refining margins and a better trading performance offset lower production and increased exploration write-offs.

Underlying replacement cost profit rose to **US$5.7 billion**, up from **US$2.4 billion** a year earlier and **US$3.2 billion** in the first quarter. Reported profit attributable to shareholders increased to **US$3.9 billion** from **US$1.6 billion**.

Operating cash flow climbed **73% year on year to US$10.9 billion**, despite a **US$1 billion working-capital build**. Net debt fell to **US$22.3 billion** from **US$25.3 billion** at the end of March, slightly outperforming guidance.

The improvement was driven by higher commodity prices, stronger fuel margins and a substantial recovery in refining profitability. Oil trading also performed slightly better than in the previous quarter.

However, production declined to **2.2 million barrels of oil equivalent per day** from **2.3 million** in the first quarter. Upstream plant reliability weakened to **92.4%** from **95.7%**, while refinery throughput was affected by planned maintenance and operational disruption.

BP increased its quarterly dividend by **4% to 8.66 cents per share**.

The group has also started processes to sell its **North Sea business** and **US biogas operations** as part of a wider effort to simplify the portfolio, reduce debt and improve financial resilience.

### BP Chief Says North Sea Is No Longer Competitive

BP chief executive **Meg O’Neill** has said the North Sea is no longer competitive, days after the energy major announced plans to sell its assets in the basin.

The comments reinforce BP’s decision to exit the region as part of a wider portfolio simplification strategy focused on directing capital towards higher-return opportunities.

BP has said its North Sea business retains valuable assets and an experienced workforce, but believes the operation would be better positioned under a different owner.

The planned disposal forms part of the company’s broader effort to reduce debt, improve financial resilience and strengthen shareholder returns.

---

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