Russ Mould, investment director at AJ Bell, said: “It has not been an easy start to life at BP for recently appointed CEO Meg O’Neill thanks to the acrimonious departure of chair Albert Manifold just weeks into her tenure. However, in just the second set of quarterly numbers under her leadership the company has posted its highest quarterly profit since 2022.
“This strong showing is largely a reflection of the energy shock created by conflict in the Middle East but O’Neill is also wasting no time in putting her stamp on the business. The recent announcement of the sale of the company’s North Sea operations is followed up today by plans to sell its US biogas business Archaea.
“The latter underscores the continuing pivot at BP away from green energy and back towards its historical focus on hydrocarbons.
“BP’s North Sea exit is a blow for the domestic oil and gas sector and follows years of regular interventions in the fiscal terms on offer in the basin.
“The ongoing programme of disposals is intended to help bolster BP’s financial strength and make the business more streamlined. O’Neill will be aware she cannot rely on oil and gas prices remaining this high indefinitely. She needs to make sure it can prosper even when the backdrop is less helpful.”
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