BP profit more than doubles, sells US biogas unit

BP reported its highest quarterly profit since 2022 on Tuesday, August 4, 2026, as the company announced a major strategic pivot back to its core oil and gas business, including the sale of its multibillion-dollar U.S. biogas unit. The London-based energy giant said its underlying replacement cost profit, a key measure of net income, more than doubled to 5.73 billion pounds in the second quarter, surpassing analyst forecasts.

The surge in earnings was driven by higher oil, gas, and refined fuel prices amid market volatility linked to conflict in the Middle East. Brent crude averaged about $97 a barrel in the quarter, up from $78 in the first quarter. The results provided a strong financial foundation for new Chief Executive Meg O'Neill, who took over in April, as she outlined a sweeping overhaul aimed at reversing years of underperformance.

Central to this shift is the decision to sell Archaea Energy, a U.S. biogas producer BP acquired for 4.1 billion pounds in 2022. The company has written down over 4 billion pounds in recent months, largely related to Archaea and other low-carbon ventures. O'Neill stated the firm must simplify its portfolio based on competitive returns, not...