Oil company BP has faced criticism following a significant increase in profits, coinciding with a drought in the UK and soaring energy prices. The company reported earnings of £4.2 billion in just three months, marking its highest quarterly earnings since 2022, driven by surging wholesale oil and gas prices due to the conflict in the Middle East. Environmental activists have condemned BP and other energy firms for profiting while many regions worldwide are grappling with extreme weather conditions.
Rosie Downes from Friends of the Earth expressed concern over the disparity between BP’s profits and the challenges faced by households dealing with expensive energy bills and the escalating climate crisis. She emphasized the need to shift away from fossil fuels towards sustainable energy solutions to address both financial burdens and environmental issues.
Global Witness senior campaigner Flossie Boyd criticized oil giants for benefiting from crises like wildfires, droughts, and geopolitical tensions, calling for a change in the current profit-driven model. Greenpeace’s Angharad Hopkinson highlighted the severe consequences of BP’s actions, linking the company’s profits to record-breaking droughts and heatwave-related deaths.
BP’s second-quarter profits surged by 144% due to higher oil and gas prices and robust refining margins, a trend seen across major oil companies amid market volatility. The new Prime Minister, Andy Burnham, faces calls to permit new drilling in the North Sea to alleviate energy costs, although this proposal has raised concerns about conflicting with net-zero targets. BP recently announced plans to sell its North Sea business, marking the end of its long-standing presence in the region.
BP CEO Meg O’Neill defended the decision to divest from the North Sea, citing changing portfolio priorities and interest from potential buyers. O’Neill stressed the importance of the UK’s energy reliance on fossil fuels and the economic benefits derived from domestic production. At 55, O’Neill, a former ExxonMobil executive, stands to receive substantial compensation, including bonuses and rewards, as she leads BP through its strategic shifts.
