British Petroleum Announces Biggest Profit in 14 Years

British energy company British Petroleum (BP) recorded its highest profit in 14 years in the second quarter of the year.

British Petroleum's net profit in the second quarter reached 8.45 billion dollars, exceeding all analyst estimates. This figure was the highest profit recorded since 2008. It was stated that this performance was supported by strong refining margins and oil trade as well as increases in oil prices. Bernard Looney, CEO of British Petroleum, said: "The figures released today show that the company is maintaining its performance during the transformation process. While meeting the world's demand for oil and gas, our company is also accelerating its investments in energy transformation." It was noted that the London-based company will repurchase 3.5 billion dollars of shares in the next 3 months, following the 3.8 billion dollar share buyback in the first half of the year. Although Russia's ongoing invasion of Ukraine has triggered an energy crisis and threatened the global economy, returns in the oil and gas industry continue to increase. British Petroleum (BP) predicts that prices will remain high in the third quarter of the year due to supply problems from Russia and relatively low stocks.