BP profits are cut in half to $2.6 billion as oil and natural gas prices fall

LONDON (AP) — Energy giant BP says it earned nearly $2.6 billion in the second quarter. That’s almost half what it posted in the first three months of the year as oil and natural gas prices that surged after Russia’s invasion of Ukraine have fallen. The company said Tuesday that underlying replacement cost profit was down nearly 70% from the April-to-June period a year ago. It’s the latest oil and gas major to see profits fall from record highs last year, following British rival Shell, France’s TotalEnergies and U.S.-based ExxonMobil. Energy costs have driven inflation worldwide, stirring outcry as households and businesses faced skyrocketing electricity and heating bills while energy companies’ profits skyrocketed.