BP made a profit of $5.73 billion (£4.27 billion) in the three months ending June 2026. That's more than double what it made the previous quarter ($3.2 billion) and the company's best result since the first year of the war in Ukraine (The Guardian, 4 August 2026). The reason? Oil and gas prices went up because of the conflict in the Middle East. The price of a barrel of oil (called Brent crude, which is the standard price most people watch) averaged $103.85, up from $81.13 a year earlier (BP Q2 2026 Trading Statement, 14 July 2026).

BP had already told investors to expect a big jump. In mid-July, the company said higher energy prices would likely add $1.8 billion to $2.1 billion to its second-quarter earnings compared with the first quarter (Reuters, 14 July 2026). The actual result was even higher than that range. BP called it "a stronger financial performance and good progress strengthening bp's balance sheet" on its investor results page (BP Results and Reporting).

The results come under BP's new boss, Meg O'Neill. Despite the big profit number, she was cautious. O'Neill said there was "more to do" because BP was "not making the most" of its potential (The Guardian, 4 August 2026). Her words suggest she sees this quarter as a starting point, not a victory. BP is planning a major shake-up of the 117-year-old company, including leaving the North Sea — where it has produced oil and gas for 60 years — by putting that business up for sale (The Guardian, 4 August 2026; The Guardian, 31 July 2026).

BP is not the only oil company raking in money. Shell more than doubled its profit compared to a year earlier, reaching $9.84 billion — its second-highest quarter ever (Reuters, 30 July 2026; The Guardian, 4 August 2026). Saudi Aramco, the world's largest oil company, reported a 44% profit increase to $32.69 billion. Chevron and ExxonMobil also posted big jumps in the same period (The Guardian, 4 August 2026).

Those huge profits have attracted criticism. Donald Trump said Chevron and ExxonMobil are "making too much money" and should give some of it back to the public (The Guardian, 4 August 2026). This is similar to what happened in 2022, when several European governments pushed for windfall taxes — special extra taxes on companies making unusually high profits — during the oil price spike caused by the Ukraine war.

BP's profits have been climbing steadily through 2025 and 2026. In the first quarter of 2025, it made $1.38 billion. That rose to $2.4 billion in the second quarter of 2025 (BP Q2 2025 Results, 5 August 2025). By the first quarter of 2026, it had reached $3.2 billion — more than double the same period a year earlier and BP's best since 2023 (Reuters, 28 April 2026; Morningstar, 28 April 2026). Part of that came from $3.2 billion in inventory holding gains, which is extra value BP earns simply because the oil sitting in its storage tanks is worth more when prices rise (BP Q1 2026 Results Presentation, 24 April 2026). Refining — the process of turning crude oil into products like petrol — has also been profitable: BP's refining margin averaged $16.9 per barrel in Q1 2026, up from $15.2 in the previous quarter (BP Q1 2026 Trading Statement, 14 April 2026).

Despite the record profit, investors barely reacted. BP's London shares were at 552.10 pence, down 0.40, and its New York shares at $44.26, down $0.96 (BP Results and Reporting). BP published its full results at 7am British time on 4 August 2026, including slides, a script, and supplementary documents (BP Results and Reporting).

The broader picture is an industry swimming in cash but facing pressure to show it has a plan. The conflicts driving oil prices higher have produced extraordinary profits, but those same high prices make politicians angry, as Trump's comments show. O'Neill's admission that BP is "not making the most" of its potential suggests she wants to use this moment to restructure the company rather than enjoy the windfall. Leaving the North Sea, if it happens, would be a historic shift for a company that has been a symbol of British oil production since the 1960s. The open questions are whether governments will push harder for windfall taxes as profits keep piling up, and whether O'Neill's overhaul can satisfy investors once the conflicts driving today's high prices eventually calm down.