British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a big loss due to its exit from Russia over the war in Ukraine, company results showed on Aug. 2.
The company reported a net profit of $9.3 billion – a threefold increase from the same three-month period last year – following a $20.4-billion loss in the first quarter.
BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia’s invasion of Ukraine.
British rival Shell reported last week a fivefold surge in second-quarter profit to $18 billion while France’s TotalEnergies raked in $6 billion over the same period.
BP said in its earnings statement that it expects oil prices“to remain elevated in the third quarter due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five year average”.