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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

BP sees its profit triple to $9.3bn on back of high energy prices

BP's profits fell 79 percent in H1 2024. (AFP)
By TRENDS Desk AFP
August 2, 2022 4:02 pm
  • BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia's invasion of Ukraine
  • BP said in its earnings statement that it expects oil prices "to remain elevated in the third quarter due to ongoing disruption to Russian supply
British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a big loss due to its exit from Russia over the war in Ukraine, company results showed Tuesday. 

 

The company reported a net profit of $9.3 billion a threefold increase from the same three-month period last year following a $20.4-billion loss in the first quarter.

BP is the latest energy firm to post bumper earnings as oil and gas prices have soared following Russia’s invasion of Ukraine.

British rival Shell reported last week a fivefold surge in second-quarter profit to $18 billion while France’s TotalEnergies raked in $6 billion over the same period.

BP said in its earnings statement that it expects oil prices “to remain elevated in the third quarter due to ongoing disruption to Russian supply, reduced levels of spare capacity and with inventory levels significantly below the five year average”.

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