Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
Britain’s BP on Tuesday posted stronger-than-expected second-quarter profit, following a period of heightened volatility for global oil and gas prices.
The struggling energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June. That beat analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
BP’s net profit came in at $2.76 billion over the second quarter of last year and $1.38 billion in the first three months of 2025.
The results come as BP continues to try to rebuild investor confidence following a protracted period of underperformance relative to its industry peers.
“Inside the upstream, we’ve had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects,” BP CEO Murray Auchincloss told CNBC’s “Squawk Box Europe” on Tuesday.
“We’ve had tremendous exploration success, 10 commercial exploration discoveries this year and yesterday we announced our most exciting, the Bumerangue discovery in Brazil,” Auchincloss said.
The London-listed company on Monday announced its largest oil and gas discovery in 25 years off the coast of Brazil, reflecting a potentially significant boost as it continues to double down on hydrocarbons.
BP has recently been the subject of intense takeover speculation, prompting domestic rival Shell to say in late June that it had “no intention” of making an offer.
Shares of the company are up around 3.3% year-to-date.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion compared to the first three months of the year.
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