Oil company is latest to enjoy booming earnings as energy prices rise amid cost of living crisis
BP made profits of nearly £7bn in the second quarter of the year as it became the latest in a procession of energy companies to enjoy huge financial benefits from surging oil prices during Russia’s invasion of Ukraine, even as families struggle in a cost of living crisis.
The FTSE 100 oil company on Tuesday said its preferred measure of profit, which it describes as its underlying replacement cost profit, rose to $8.5bn (£6.9bn) between April and June, up from $6.2bn in the first three months of the year, and $2.8bn in the second quarter of 2021.
