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International Business Times

Business

BP Is Selling Another Green Energy Business. Strong Oil Prices Help Drive Best Profit Since 2022

British Petroleum Meg ONeill United States Oil Archaea Energy

Alongside its earnings report, BP announced plans to sell Archaea Energy, the U.S.-based renewable natural gas producer it acquired in 2022 for roughly $4 billion. (Credit: Getty Images)

BP is putting its U.S. biogas business on the market as the energy major continues to overhaul its portfolio under new CEO Meg O'Neill, while reporting its strongest quarterly profit since 2022 on the back of higher oil and gas prices.

The company said its underlying replacement cost profit, a closely watched measure of earnings, climbed to $5.7 billion in the second quarter, comfortably ahead of analyst expectations of around $5.1 billion. The earnings were supported by stronger crude, natural gas and refined fuel prices during the recent conflict involving Iran.

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