BP reports over $9 billion in profit for 2nd quarter; largest in 14 years

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BP on Tuesday joined other large oil producers in reporting record profits as the cost of energy worldwide is up. Last week, Shell reported a record $11.5 billion in the second quarter. File Photo by Erik S. Lesser/EPA-EFE

Aug. 2 (UPI) — Oil producer BP reported its largest quarterly profit in 14 years on Tuesday amid higher energy prices worldwide and gasoline prices in the United States that are still over $4 per gallon.

In its second-quarter earnings report, BP reported a profit of $9.3 billion. In the same quarter a year ago, that figure was $3.1 billion. BP also said it had a surplus cash flow of $6.6 billion from April through June.

“Today’s results show that BP continues to perform while transforming,” BP CEO Bernard Looney said in a statement.

“Our people have continued to work hard throughout the quarter helping to solve the energy trilemma — secure, affordable and lower carbon energy.”

Tuesday’s report showed the second-largest second-quarter profit in the company’s history.

Dale Vince, founder of energy supplier Ecotricity, said BP’s profits are proof that oil producers ought to pay more in taxes.

“Clearly there are exceptional windfall profits in the oil and gas sector, and clearly there’s a problem in the energy market, and we should fix one with the other,” Vince told BBC News.

BP on Tuesday joined other large oil producers in reporting record profits as the cost of energy worldwide is up. Last week, Shell reported a record $11.5 billion in the second quarter — besting its previous quarterly record of $9.1 billion in the first quarter of 2022.

In May, the House passed a bill that gives President Joe Biden the power to issue an emergency declaration that would make it unlawful to hike gasoline and home energy prices “in an excessive or exploitative manner.” The proposal is now in the Senate.

According to AAA, the national average for gasoline in the United States was $4.19 per gallon, a decrease of 2 cents from Monday and 14 cents from a week ago.

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