Companies & Earnings
BP profit more than doubles as Trump blasts Big Oil for ‘making too much money’
Britain’s BP on Tuesday reported a sharp upswing in second-quarter profit, as energy supermajors reap massive profits from higher fossil fuel prices amid hostilities between the U.S. and Iran.
The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $5.7 billion for the April to June period. That comfortably beat analyst expectations of $5 billion, according to an LSEG-compiled consensus.
BP’s net profit came in at $2.35 billion over the same period last year and $3.2 billion for the first three months of 2026.
Markets & Prices
Strategists Expect USA Crude Build in Next EIA Report
In an oil and gas report sent to Rigzone by the Macquarie team prior to the release of the U.S. Energy Information Administration’s (EIA) next weekly petroleum status report, Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up by 2.5 million barrels for the week ending July 31.
Financing Offshore Oil and Gas Projects Special Report 2026
Industry leaders examine how project economics, technology adoption, risk management and execution certainty are shaping financing decisions across offshore developments.
Oil & Gas Dealmaking Heats Up With $20 Billion of Assets in Play
US private equity firms are shopping more than half-dozen closely held oil and gas companies in Texas, Colorado and elsewhere that together are worth about $20 billion, after the Iran War pushed crude above $100 a barrel.
That’s spurred long-time energy players to bring choice fossil fuels holdings to market.
Europe
Norway Offers up to 70 New Oil and Gas Drilling Permits
Norway’s government said on Tuesday it is offering 70 new blocks for energy companies to explore for oil and gas in its annual licensing round as the country seeks to extend the life of its petroleum industry.
The new blocks include 38 areas in the Barents Sea, 10 areas in the Norwegian Sea and 22 areas in the North Sea, with an application deadline of September 1 and final awards expected in early 2027.