The British oil and gas group BP made more profit in the second quarter, despite strong price pressure in the sector. The group mainly benefited from higher production, which offset the lower prices for oil and gas.
BP posted an underlying profit of nearly $ 2.8 billion against $ 2.4 billion a year earlier. Connoisseurs generally took into account that the profit would be 2.5 billion dollars. Among other things, the earlier takeover of the shale activities of BHP Group boosted production. On an annual basis, production was 3.4 percent higher with 3.79 million barrels of oil equivalents per day.
BP’s results are a boost for the sector. Industry counterparts such as Total, Eni and Equinor previously came up with disappointing results. BP itself also says it will reap the benefits of the strategy update that has already been initiated. According to CEO Bob Dudley, BP is now on course halfway through his five-year plan.