Thanks to oil price shock BP makes more than twice as much profit
The geopolitical tensions in the Middle East are driving up the price of oil - and flushing billions into BP's coffers. The British energy company more than doubled its profits in the first quarter.
28.04.2026, 13:37
28.04.2026, 14:44
SDA
Thanks to high oil prices, the British oil company BP more than doubled its profit at the beginning of the year. In the first quarter, net profit adjusted for special effects amounted to around 3.2 billion US dollars, as the company announced in London.
A year earlier it had been just under 1.4 billion dollars.
Among other things, higher oil production in the Gulf of Mexico compensated for disruptions in the Middle East in light of the Iran war, the company added. BP had recently already spoken of "exceptional" oil trading. The oil company operates comparatively small facilities in the Middle East and is therefore suffering less from the war-related production cuts than its competitors.
The strong figures should provide a tailwind for the new CEO Meg O'Neill at the start of her term of office. "Our industry operates in an environment of conflict and complexity and plays a critical role in maintaining energy supplies," said O'Neill according to the press release. She faces the task of reducing debt, streamlining BP's structure and reversing expensive investments in low-carbon projects.
