BP has reported its highest quarterly profit in 14 years, making it the last of the five oil and gas supermajors to report a record-breaking second quarter in 2022 as the ongoing war in Ukraine continues to send the price of oil soaring.
While the huge profits allow BP to give back to its shareholders through increased dividends and share buybacks, the increased cash flow is also attracting negative political attention and greater calls for a windfall tax on the sector.
Here are some standout numbers from BP’s 2022 second-quarter results:
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BP’s underlying profits increased threefold compared with a year ago. In 2021, when energy profits were still slowed by depressed demand from ongoing COVID-19 pandemic lockdowns, BP reported profits of $2.8 billion in the second quarter of 2021.
$8.5 billion
BP’s eye-popping second-quarter profits far exceeded the average analyst estimates of $6.8 billion and were far greater than the $6.2 billion it recorded in the first quarter of 2022.
BP earnings by the numbers: $8.45 billion profits spark cost-of-living crisis backlash | Fortune
BP earnings by the numbers: $8.45 billion profits spark cost-of-living crisis backlash | Fortune