BP to unveil bumper profits as Brits face record energy bills this winter

BP will follow in the footsteps of their rivals and unveil record quarterly profits next Tuesday, with City analysts predicting three-month earnings of $6.8bn (£5.6bn).

This compares to $6.2bn during its first quarter of trading, and $2.8bn this time last year.

The monster haul has been powered by soaring oil and gas prices following Russia’s invasion of Ukraine and rebounding post-pandemic demand.

Brent Crude oil prices averaged $114 per barrel in the second quarter, while European gas prices are six times this time last year.

The FTSE 100 oil and gas trader is not the only company revelling in record profits, with rival Shell posting an $11.5bn profits bonanza this week.

Shell, Total Energies, ExxonMobil, and Chevron collectively earned over $50bn in the second quarter – almost double what they made last year.

Meanwhile, Equinor posted pre-tax profits of $17.6bn for the second quarter, and British Gas owner Centrica posted profits of £1.34bn for its first six months of trading.

The bumper results have triggered a fierce backlash in Westminister, with multiple energy firms offering hefty buybacks to shareholders, including Centrica restoring its dividend.

The Labour Party’s climate change secretary Ed Miliband has called for investment relief to be ditched from the Energy Profits Levy, as has the chair of the BEIS Select Committee, Darren Jones.

Household energy bills expected to close in on £4,000 per year this winter, putting more pressure on the Government to provide relief to consumers amid a deepening cost of living crisis.