Oil major BP posts second-quarter profit beat despite annual drop

Britain’s BP on Tuesday posted stronger-than-expected second-quarter profit, following a period of heightened volatility for global oil and gas prices.

The struggling energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June. That beat analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.

BP’s net profit came in at $2.76 billion over the second quarter of last year and $1.38 billion in the first three months of 2025.

The results come as BP continues to try to rebuild investor confidence following a protracted period of underperformance relative to its industry peers.

The London-listed company on Monday announced its largest oil and gas discovery in 25 years off the coast of Brazil, reflecting a potentially significant boost as it continues to double down on hydrocarbons.

BP has recently been the subject of intense takeover speculation, prompting domestic rival Shell to say in late June that it had “no intention” of making an offer.

Shares of the company are up around 3.3% year-to-date.

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