BP just smashed earnings with nearly $4 billion in net profit—more than double last year—driven by soaring oil and gas prices amid global supply disruptions. Core profits hit $5.7 billion, beating analyst expectations, as tensions between the U.S. and Iran tighten shipping lanes through the Strait of Hormuz. All five major Western oil giants are cashing in, collectively earning nearly $47 billion this quarter. CEO Meg O’Neill admits it’s been a volatile time for energy markets, acknowledging BP’s performance hasn’t met internal standards—and defending record-high gas prices as tied to global commodity swings. The company also boosted its dividend by 4%, cut net debt, and generated over $10 billion in operating cash flow. Meanwhile, BP is offloading assets—including the U.S. biogas unit Archaea Energy (bought for $4B last year), a German refinery, and North Sea operations—as its stock sees a modest uptick amid these moves.
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