BP’s profit takes a hard hit while oil & gas keep flowing and energy transition gathers speed

UK-headquartered oil and gas giant BP has revealed solid results for the second quarter of 2023, however, this represents a 70 per cent decrease on a year-over-year basis due to the drop in oil and gas prices dealing a blow to the oil major’s profit. This did not stop the UK player from continuing to provide more energy while pursuing its transition agenda towards green and lower carbon sources of supply. This is hammered home by the offshore wind pipeline of projects jumping to almost 80 per cent while the hydrogen one rose up 60 per cent since the end of last year.