# BP profits soar to four-year high after boost from Iran war

By Derren Nathan — 2026-08-04

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Meg O’Neill’s first full quarter at the helm of BP has come alongside some bumper profits and a welcome reduction in net debt.

“While much of that has been down to high commodity prices, there’s been some strong strategic progress too as the company drives towards a simpler and more capital-efficient portfolio.

“Completing the disposal of the Gelsenkirchen refinery and putting the North Sea assets up for sale are all part of leaning into higher-returning assets.

“While the new Burnham government is making noises around opening up the field to further development, BP’s decision is a stark reminder of the North Sea’s maturity and exposure to high tax rates.

“Third quarter guidance points to some softness with Middle East disruption, the start of the hurricane season, and planned maintenance in the Gulf of America potentially weighing on production.

“As we exit the key summer travel period a seasonal decline in retail and customer-facing operations should also be expected.

“While the refinery disposal will impact throughput, lower levels of maintenance should help with margins. However, none of this points to any underlying weakness.

“Meg O’Neill has clearly set out her stall. She’s not trying to re-invent the wheel, but she is trying to lubricate the bearings and if she succeeds, shareholders will feel the benefits.”

Canonical: https://experts.pressassociation.com/expert/72/views/ba89822c7213adda