BP’s adjusted net profit rose to around 5.7 billion dollars, while revenue climbed 47 percent to 70.1 billion dollars. High oil prices due to the Iran war and blockades of the Strait of Hormuz have massively boosted the industry’s profits.
Competitors are also benefiting: Shell tripled its profit to 10.8 billion dollars, ExxonMobil doubled it to 14.5 billion dollars, and Chevron increased it to 12.1 billion dollars. BP’s new CEO Meg O’Neill, in office since April, plans to further move away from the renewable energy strategy and has initiated the sale of the US biogas business Archaea, which was only acquired in 2022 for 4.1 billion dollars.
In Germany, fuel prices have risen “drastically” in July according to ADAC, even though the crude oil price had temporarily fallen below 90 dollars per barrel. The Federal Cartel Office is reviewing the prices charged by refineries but emphasizes that it is “not an instrument of state price regulation.” High energy prices are also driving inflation, which recently stood at 2.8 percent.
Source: Tagesschau
