BP’s second-quarter profits soared to $5.7 billion—more than double last year—thanks to surging oil prices and a stellar refining and trading performance, marking their best quarter in four years. But new CEO Meg O’Neill is sounding the alarm: despite the cash flow, production is down, refineries are underperforming, and reliability has suffered due to maintenance and Middle East disruptions. She bluntly admits BP hasn’t met its own or investors’ expectations, citing inconsistent results, lost value, and weak cost discipline in a low-price market. To fix this, BP is aggressively streamlining: selling its US biogas unit (bought for $4.1B in 2022), offloading German refinery and Austrian retail assets, and exiting the North Sea. The company is pivoting back toward fossil fuels after a brief renewables detour. While profits are up, the message is clear: BP is not resting—it’s restructuring to become leaner, smarter, and more dependable.
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