British oil large BP returned to revenue within the second quarter on the again of hovering vitality costs, following a giant loss on account of its exit from Russia over the warfare in Ukraine, firm outcomes confirmed Tuesday.
The corporate reported a internet revenue of $9.3 billion — a threefold enhance from the identical three-month interval final yr — following a $20.4-billion loss within the first quarter.
BP is the newest vitality agency to publish bumper earnings as oil and gasoline costs have soared following Russia’s invasion of Ukraine.
British rival Shell reported final week a fivefold surge in second-quarter revenue to $18 billion whereas France’s TotalEnergies raked in $6 billion over the identical interval.
BP mentioned in its earnings assertion that it expects oil costs “to stay elevated within the third quarter on account of ongoing disruption to Russian provide, diminished ranges of spare capability and with stock ranges considerably under the 5 yr common.”