The Fading ‘War Windfall’: BP Sees 70% Drop In Profits But Hikes Dividend

Supermajor BP joined its energy peers in posting markedly lower profits, thereby offering another glimpse of lower returns in the oil and natural gas markets after the geopolitical shock of the war in Ukraine provided the sector with an unexpected windfall in 2022.

Publishing its latest financials, BP announced a Q2 2023 profit of $2.6 billion representing a slump of 70% on an annualized basis over the same quarter last year. The figure missed analysts’ expectations of $3.5 billion and is also below the $5 billion profit mark that BP achieved in Q1 2023.