BP’s Q2 profit more than doubles to $4B as Iran conflict supercharges oil prices

BP just posted a second-quarter net profit of $3.9 billion, more than doubling what it earned in the same period last year. The results, released on August 4, 2026, were driven by the ongoing volatility in oil and gas prices tied to the escalating US-Iran conflict.

BP’s underlying replacement cost profit came in even higher at $5.7 billion. The profit surge was driven by three reinforcing factors: improved liquids and gas realizations, higher refining margins, and what the company described as a vigorous trading performance.

New CEO, old-school strategy

These are the first major quarterly results under CEO Meg O’Neill, who took the helm in April 2026. O’Neill has been overseeing a strategic pivot back toward BP’s core oil and gas operations.

The company also bumped its dividend by 4% to 8.66 cents per share. BP has indicated it expects the favorable pricing environment to continue into the second half of 2026.

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