BP profits triple to £7bn as oil prices surge because of Ukraine war

BP’s first-quarter profit was already its highest for more than a decade. Energy bills have been a key contributor to inflation, experts say. Photograph: Andrew Milligan/PA

BP will hand billions of pounds to shareholders after tripling its profits to nearly £7bn in the second quarter of the year amid high oil prices during Russia’s invasion of Ukraine, sparking anger from MPs and campaigners as families struggle in the 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. That is up from $6.2bn in the first three months of the year, and three times BP’s underlying profits of $2.8bn in the second quarter of 2021.