BP Posts $9.3 Billion Profit in 2Q22

British energy giant bp reported a profit of around $9.3 billion in the second quarter of the year, against a loss of nearly $20.3 billion during the previous quarter, according to its financial results statement released Tuesday.

The company’s income attributable to its shareholders during the April-May-June period was also $6.2 billion higher than the same period of last year.

In the first half of the year, the company recorded an $11.1 billion loss in profit compared to $7.8 billion last year.

'Today’s results show that bp continues to perform while transforming. Our people have continued to work hard throughout the quarter helping to solve the energy trilemma – secure, affordable and lower carbon energy. We do this by providing the oil and gas the world needs today – while at the same time, investing to accelerate the energy transition,' Barnard Looney, the chief executive of the company, said in the statement.

Its revenue for the second quarter of 2022 was around $69.5 billion, up by more than $18.3 billion compared to the previous quarter and $31.9 billion for the same quarter of 2021. It also reported revenue of $120.7 billion in the first half of 2022, relative to $74 billion in the same period of last year.

'Our financial performance is impacted by fluctuating prices of oil, gas and refined products, technological change, exchange rate fluctuations, and the general macroeconomic outlook,' the company said.

The British energy major expects oil prices to remain elevated in the third quarter due to the ongoing disruption to Russian supply, reduced levels of spare capacity, and inventory levels significantly below the five-year average.

-UK tax levies on oil and gas companies

The company said a new levy on the profits of UK oil and gas companies, which was introduced by the UK government on July 1 will be presented in the third quarter of 2022.

The new levy will increase the headline rate of tax from 40% to 65% on profits from bp's North Sea business made from May 26 2022 until Dec. 21, 2025, resulting in a one-off non-cash deferred tax charge of an estimated $0.8 billion.

(Anadolu Agency, August 2, 2022)

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