"The FTSE 100 energy major said underlying replacement cost profit jumped more than 130pc to $3.2bn in the first quarter of 2026, up from $1.38bn a year earlier and ahead of analyst expectations."
"Campaigners and anti-poverty groups accused the company of benefiting from global instability while consumers face higher fuel costs at the pump and the prospect of rising energy bills."
"Mike Childs of Friends of the Earth said fossil fuel companies were 'quids in' during periods of international conflict, arguing that ordinary households were being left exposed to volatile global markets."
"BP's new chief executive Murray Auchincloss said the company was focused on maintaining stable supply amid volatile conditions, stressing its role in ensuring fuel continues to flow to customers and governments."
BP reported a 130% increase in underlying replacement cost profit to $3.2 billion in Q1 2026, driven by rising oil prices due to instability in the Middle East. Brent crude prices exceeded $100 a barrel, raising concerns about energy supply shocks. Campaigners criticized BP for profiting from global instability while consumers face higher fuel costs. The End Fuel Poverty Coalition called for a windfall tax on energy firms. BP's CEO emphasized the company's commitment to maintaining stable supply during volatile conditions and ensuring fuel availability amid heightened uncertainty.
Read at London Business News | Londonlovesbusiness.com
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