BP more than doubled its second-quarter profit to $5.73 billion, driven by rising oil and gas prices linked to the Middle East crisis, while Saudi Aramco posted a 44% increase in net profit to $32.69 billion for the three months ended 30 June. BP raised its dividend by 4% and announced a strategic shift away from renewables, including the marketing of Archaea Energy for potential sale and plans to exit North Sea production after six decades.
New CEO Meg O'Neill said BP was "not making the most" of its potential and that the company is adjusting refining runs to maximise jet fuel and diesel availability. Shell posted its second-highest quarterly earnings on record at nearly $10 billion.
Political backlash intensified as Donald Trump said Chevron and ExxonMobil are "making too much money" and should return profits to the public, sending Chevron shares down more than 2%. The US Strategic Petroleum Reserve has fallen to its lowest level since 1983, and average petrol prices sit near $4.10 per gallon, roughly 40% above pre-war levels.