Meg O'Neill reports BP's second-quarter profits of $5.7 billion as energy prices rise amid Middle East conflict
Meg O'Neill, the CEO of BP, reported that the company achieved an underlying replacement cost profit of $5.7 billion for the second quarter. This figure exceeded analyst expectations of $5 billion and represents the company's highest quarterly profit since the start of the war in Ukraine. The surge in profits is primarily attributed to higher fossil fuel prices driven by the ongoing hostilities between the U.S. and Iran, which have disrupted shipping through the Strait of Hormuz. While the oil giant's earnings are strong, President Trump criticized the major oil companies, stating that they are making too much money based on a shortage and demanding lower prices at the pump. Meg O'Neill responded to these criticisms by emphasizing that BP is focused on reliability and maximizing the availability of products consumers need most, such as jet fuel and diesel. The company is also pursuing a simplification drive to reduce debt and divest non-core assets, including the potential sale of its biogas business, Archaea Energy.