BP p.l.c

BP reported underlying replacement cost profit for the second quarter of 2025 at $5.7 billion, above analyst expectations of $5 billion and a sharp jump from $2.35 billion in the same period last year. Results were boosted by surging oil and gas prices driven by the US-Iran conflict, which disrupted shipments through the Strait of Hormuz. BP also raised its dividend by 4% to 8.66 cents per ordinary share, with operating cash flow of $10.9 billion, while net debt fell to $22.25 billion. In addition, the company has begun the process of selling Archaea Energy, the US biogas business BP acquired for $4.1 billion in 2022.

Shell reported adjusted earnings for the second quarter of 2026 at 9.84 billion US dollars, the figure the company uses as its definition of net profit, surging more than twofold from the same period a year earlier and exceeding market expectations of 8.92 billion US dollars. That compares with 4.26 billion US dollars in the second quarter of 2025. The strong performance was driven by higher oil and natural gas prices, standout growth in oil and liquefied natural gas trading profits, and a recovery in chemicals margins, even as sales volumes declined due to disrupted operations in Qatar stemming from the Middle East conflict. Shell and other major energy companies have benefited from the US-Israel war with Iran, which has pushed up energy prices and increased volatility, opening opportunities for the large trading businesses of Shell, BP, and TotalEnergies to boost profits. In addition, Shell announced it will proceed with a share buyback programme worth 3 billion US dollars over the next three months.