economy
BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’
The result come after U.S. President Donald Trump lashed out at Big Oil for making "too much money" off higher fuel prices amid the Iran war.
TL;DR
- BP reported a second-quarter profit of $5.7 billion, surpassing analyst expectations.
- High fossil fuel prices, driven by the U.S.-Iran conflict and disruptions in the Strait of Hormuz, are boosting profits for energy companies.
- President Trump criticized oil majors for 'making too much money' due to high fuel prices.
- ExxonMobil and Chevron also reported substantial profit increases.
- BP CEO Meg O'Neill stated that the company produces a global commodity and its prices are tied to global market prices.
- BP is focused on reliability and optimizing refining operations to maximize product availability.
- BP is continuing its simplification strategy, divesting non-core assets and reducing debt, including the recent sale of its Gelsenkirchen refinery.
- The company is also working to stabilize its management team after recent executive turnover.