bp’s second-quarter 2026 profits surged, the company reported on Tuesday, with underlying replacement cost profit reaching $5.7 billion, $2.5 billion higher than last quarter.
The results come as oil and gas prices continue to fluctuate amid the Middle East conflict.
CEO Meg O’Neill in a news release on the results also laid out her priorities to deliver a step change in performance—including simplifying bp’s portfolio. O’Neill said bp was “not making the most of our potential.”
“We have to focus on the assets with the strongest potential to deliver competitive returns and long-term value—just as we have done with our decisions on the North Sea and Archaea,” she said.
Archaea is bp’s biogas business—a renewable natural gas business—in the United States, which it announced on Tuesday it intends to sell.
- bp is No. 5 on CSP’s 2026 Top 202 ranking of convenience-store chains by U.S. store count.
Its North Sea business comprises five production hubs, two in the central North Sea and three west of Shetland, bp said. In July, bp also agreed to sell its mobility, convenience and electric vehicle charging business in Austria.
The other priorities O’Neill listed were strengthening the balance sheet, investing with greater discipline, driving operational excellence and hardwiring high performance and accountability.
O’Neill in prepared statements mentioned that bp’s customer channels—retail, aviation and B2B—provide “stable offtake and a strong return on capital.” But she added there are also areas to improve, including reducing total cash cost relative to gross margin and targeted performance programs in businesses like TravelCenters of America.
Houston-based bp announced in July that it would be cutting 700 roles globally.
The company had 1,708 U.S. convenience stores as of Jan. 1. It operates the ampm, Thorntons and TravelCenters of America c-store and travel stop brands.
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