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BP Q2 profits more than double on higher oil prices and refining margins

Company Fundamentals
04 Aug 2026
Proactive Investors
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Bullish
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BP's second-quarter profits more than doubled to $5.7 billion, driven by soaring oil and gas prices and stronger refining margins, despite lower production and increased exploration write-offs. Operating cash flow rose 73% to $10.9 billion, and net debt was reduced to $22.3 billion. The company announced a 4% dividend increase and plans to sell its North Sea and US biogas businesses to simplify its portfolio and strengthen its balance sheet. CEO Meg O’Neill outlined priorities including debt reduction and operational improvements to boost shareholder value.

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