Embattled BP returned to profitability and beat earnings expectations for the first time since announcing its “fundamental reset” early this year, moving away from renewables and back toward fossil fuels, offering encouragement about its long-term viability.
It’s the second quarter since BP (No. 33 on the Fortune Global 500) initiated its reset and the first time the Big Oil giant has promising results to tout. With a nearly 30% beat on its second-quarter net profits of $1.63 billion announced Aug. 5, BP’s net income spiked from a year-on-year loss of $129 million, which compares to BP’s full-year net profit for 2024 of just $381 million.
