BP accused of ‘unfettered profiteering’ as profits triple; company failures surge

From 5h ago

Unite accuses BP of ‘unfettered profiteering’

Sharon Graham, the head of the Unite union, has accused BP of ‘unfettered’ profiteering.

“People will be confounded by the latest profits announced by BP. In three months, in April to June this year, the oil giant’s profits soared to almost £7 billion. Yet predictions are that household energy bills are to rise to a calamitous £3,600 a year. How can this contrast continue time after time?

“The British economy does not work for workers and their families.

Britain’s real crisis isn’t rising prices it’s an epidemic of unfettered profiteering.”

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People will be confounded by the latest profits announced by @bp_plc. In three months, in April to June this year, the oil giant’s profits soared to almost £7 billion. 1/2 #energy https://t.co/Tfcw6STOkU

— Sharon Graham (@UniteSharon) August 2, 2022

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Yet household energy bills are to rise to a calamitous £3,600 a year. How can this contrast continue time after time? The British economy does not work for workers and their families. Britain’s real crisis isn’t rising prices it’s an epidemic of unfettered profiteering. 2/2

— Sharon Graham (@UniteSharon) August 2, 2022

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Time to recap, after a busy day in which BP posted its second-highest quarterly profits ever, and was accused of ‘unfettered profiteering’ as it pumped up its payments to shareholders.

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Profits at the UK oil major smashed expectations, tripling to $8.5bn, thanks to strong refinery profits and high energy prices, which intensified calls for a windfall tax on the sector’s profits.

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Sharon Graham, the head of the Unite union, said people will be confounded by the latest profits announced by BP.

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“The British economy does not work for workers and their families.

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Britain’s real crisis isn’t rising prices it’s an epidemic of unfettered profiteering.”

\n

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Rachel Reeves, the shadow chancellor, said the “eye-watering profits” showed that the government was “totally wrong” to have given significant tax breaks to oil companies.

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However, the government’s Brexit opportunities minister, Jacob Rees–Mogg, said he was not in favour of an extra windfall tax.

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BP’s earnings mean that the Big Five oil giants have made combined profits of almost $60bn in a single quarter, after ExxonMobile, Shell and Chevron all racked up record earnings in Q2.

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While they profited from soaring oil and gas prices, UK households were warned that average energy bills could hit £3,600 this winter. With wholesale gas price around record levels, bills could remain over £3,000 per year until 2024, experts fears.

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Rising energy costs also drove more companies to the wall, with the number of voluntary liquidations hitting the highest level on record (going back to 1960).

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The cost of living crisis pushed more individuals into personal insolvency too, which may get worse as prices keep outpacing wages, and inflation heads for double-digit levels.

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But house prices still kept rising last month, and the super-rich pushed profits at Ferrari to a record.

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Energy bills are pushing up costs at Greggs, where customers could face higher prices as food ingredients also become more expensive.

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British Airways has extended its suspension of ticket sales for short-haul flights from London’s Heathrow airport to the middle of August.

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The two-week halt will cause more disruption for travellers this summer — and make a last-minute getaway this summer even more expensive,

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And Spanish oil production could be hit by fierce heatwaves and a lack of rain this summer:

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British Airways has extended its suspension of ticket sales for short-haul flights from London’s Heathrow airport to the middle of August, the Financial Times is reporting.

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That will cause further disruption for travellers hoping for a last-minute getaway this summer.

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BA had initially suspended ticket sales on short-haul flights from Heathrow until 8 August, but has now added a second week.

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The FT says:

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The carrier, the largest operator at Heathrow, confirmed on Tuesday that it would suspend sales until August 15 — a week longer than first announced just 24 hours earlier.

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BA blamed the move on Heathrow’s decision last month to impose a cap that limits the number of passengers at the airport to 100,000 a day.

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BA reiterated its previous statement that as a result of Heathrow’s “request to limit new bookings” it had decided to “take responsible action and limit the available fares on some Heathrow services to help maximise rebooking options for existing customers, given the restrictions imposed on us and the ongoing challenges facing the entire aviation industry”.

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BA extends suspension of Heathrow short-haul ticket sales to August 15 https://t.co/mbyc58lBlB

— Financial Times (@FT) August 2, 2022

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Here’s an explainer of what’s going on:

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While millions of families face the misery of rising inflation and unaffordable energy bills, the wealthy have drive sales and profits at Ferrari to record levels.

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The supercar maker has posted its best ever quarterly revenues and EBITDA earnings, and lifted its full-year forecasts.

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Ferrari saw strong demand in the last quarter for its Portofino M model (which will set you back £175,360, AutoExpress reported last year) and the F8 family (where the Tributo coupé starts at £203,476, according to The Car Expert, and the Spider begins at around £226,000).

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Despite such huge price tags, new orders also hit a record in April-June.

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There was also an increase in revenues from personalizations, as customers spent more on individual features for their new motor.

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Benedetto Vigna, CEO of Ferrari, says:

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\n

“Ferrari continues a phase of strong growth, with quarterly record results in terms of revenues, EBITDA and EBIT.

\n

The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics. Also the net order intake reached a new record level in the quarter” .

\n

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Ferrari’s adjusted EBITDA rose 15% in the April-June period to €446m ($456m), ahead of forecasts, while shipments rose almost 29% to 3,455 units in Q2.

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Rising energy bills are driving some companies into insolvency, as firms struggle to cope with higher costs, and the withdrawal of Covid support from the government.

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Corporate insolvencies in England and Wales jumped by over 80% year-on-year in the last quarter, with the number of firms choosing to be liquidated hitting its highest level in at least 60 years.

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Insolvency Service figures show there were 5,629 company insolvencies in April-June, up 13% on the last quarter, and 81% more than a year ago.

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This includes 4,908 creditors’ voluntary liquidations (CVLs), where a company which can’t pay its debts decides to fold.

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The number of CVLs increased to the highest quarterly level since the start of the series in 1960, the Insolvency Service reports.

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John Cullen, business recovery partner at accountancy firm, Menzies LLP, warns that corporate insolvencies are now “rising rapidly,”:

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This is indication of the severe cashflow pressures that many businesses are facing, which are exacerbated by soaring energy and fuel costs. Inflation is testing the viability of businesses across industry sectors and with interest rates expected to rise again this week, the cost of borrowing is also set to rise.

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“At the same time as facing significant cost increases, many businesses are being hampered by supply and staff shortages, which are limiting revenues at a critical time, just as demand levels are recovering or back to pre-pandemic levels.

\n

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Many directors are opting to close their businesses as they lack confidence in their trading prospects in the current climate, explains Christina Fitzgerald, President of insolvency and restructuring trade body R3:

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Fitzgerald adds:

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“With household disposable income dropping for the eighth consecutive month in June, consumers are having to prioritise household bills before they can think about spending their money elsewhere – and this will have a knock-on effect to businesses that simply won’t see the footfall they are used to.

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“This, coupled with a combination of soaring costs across the board, supply chain issues, and a tight labour market, has meant an uphill battle for many businesses, especially for those still reeling from the pandemic.

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Five of the world’s largest energy companies have now raked in almost $60bn in profits between them, in just the second quarter of 2022.

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Shell smashed its profit record; last week reporting adjusted earnings of $11.5bn in April-June, while France’s TotalEnergies tripled its adjusted net income, to $9.8bn.

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US oil giants also had a record breaking quarter, with ExxonMobil making an unprecedented $17.85bn profit for Q2, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn.

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Back in June, president Joe Biden singled out Exxon for criticism, saying:

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Why don’t you tell them what Exxon’s profits were this year? This quarter? Exxon made more money than God this year.

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Add today’s $8.5bn adjusted profit at BP, and it’s clear that the jump in oil and gas prices due to the Ukraine invasion has resulted in jaw-dropping earnings for the energy giants, as many millions of families struggle.

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Energy analysts at SP Angel say:

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The five remaining Majors (Exxon, Chevron, Shell, BP & Total) have announced c.$59bn in 2Q22 profits, up almost 100% y/y, and returned c.45% of this to shareholders during the quarter.

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Based on their aggregate $1.1 trillion market cap, this quarter would represent an implied annualised profit margin in excess of 20%.

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Sharon Graham, the head of the Unite union, has accused BP of ‘unfettered’ profiteering.

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“People will be confounded by the latest profits announced by BP. In three months, in April to June this year, the oil giant’s profits soared to almost £7 billion. Yet predictions are that household energy bills are to rise to a calamitous £3,600 a year. How can this contrast continue time after time?

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“The British economy does not work for workers and their families.

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Britain’s real crisis isn’t rising prices it’s an epidemic of unfettered profiteering.”

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People will be confounded by the latest profits announced by @bp_plc. In three months, in April to June this year, the oil giant’s profits soared to almost £7 billion. 1/2 #energy https://t.co/Tfcw6STOkU

— Sharon Graham (@UniteSharon) August 2, 2022

Yet household energy bills are to rise to a calamitous £3,600 a year. How can this contrast continue time after time? The British economy does not work for workers and their families. Britain’s real crisis isn’t rising prices it’s an epidemic of unfettered profiteering. 2/2

— Sharon Graham (@UniteSharon) August 2, 2022

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Oil companies’ surging profits are becoming a ‘political risk’, says Stuart Lamont, investment manager at Brewin Dolphin, as calls for a new windfall tax grow louder.

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\n

“BP has mirrored Shell’s exceptional results last week – albeit, with the disposal of its stake in Rosneft hanging over the first six months of 2022. The energy company is in a great position, with sales soaring, strong profits, and debt falling.

\n

Shareholders will be pleased that this is being converted into returns, with 60% of surplus cashflow being distributed to them through dividends and share buybacks.

\n

However, BP’s and its peers’ results are also likely to attract further political attention, which is becoming a real risk for the future.”

\n

","elementId":"496d32dd-8720-457d-b91c-ea3715c8f631"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Allegra Dawes, senior analyst for Industrials, Materials & Energy at global primary research firm Third Bridge, predicts BP will keep handing cash back to shareholders:

","elementId":"e37dc7b2-68cb-4988-b33a-7fd594b8d85f"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

Despite today’s elevated oil and gas pricing environment, our experts don’t expect BP to alter its investment plans in the next 12-18 months. Should they decide to accelerate spending there will face significant challenges, especially for large scale projects.”

\n

“Investors expect more share repurchases and dividends from BP and other oil supermajors thanks to record-breaking profit and cash flow levels.”

\n

“BP is likely to stay committed to £18bn investment in the North Sea despite the windfall tax imposed by the British Government.

\n

Our experts say the North Sea remains strategically critical to BP with a resilient hydrocarbon business in the West of Shetland, CCUS on the Northeast coast, and wind projects with various partners in England and Scotland. Some of those investments come with significant tax incentives.”

\n

","elementId":"9f373c86-185d-4213-a2fb-baac0c483fc3"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

But Chris Beauchamp, chief market analyst at IG Group, predicts BP could have eached a ‘high water’ mark, as oil has fallen back from this spring’s peak.

","elementId":"fca2dc2a-c303-49bd-9961-dff9d532ef5e"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

While there is plenty of good news in BP’s numbers, as cash generation surges and a rise in the dividend is planned, there is also a sense that this could be a high water mark for now.

\n

The boost has come from comparisons with last year’s much weaker performance, and is unlikely to be repeated for much longer. In addition, oil prices are well off their June highs and seem in no hurry to rise again. Those expecting today’s update to support a charge to the [share price] highs of 2019 may be disappointed.

\n

","elementId":"cbfb8f66-acaf-4611-837f-ac37d7c82946"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659430603000,"blockCreatedOnDisplay":"09.56 BST","blockLastUpdated":1659431325000,"blockLastUpdatedDisplay":"10.08 BST","blockFirstPublished":1659431326000,"blockFirstPublishedDisplay":"10.08 BST","blockFirstPublishedDisplayNoTimezone":"10.08","title":"BP: what the analysts say","contributors":[],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8e32f8f08af33ff4a594e","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP will hand billions of pounds to shareholders after tripling its profits to nearly £7bn in the second quarter of the year amid high oil prices during Russia’s invasion of Ukraine, even as families struggle in a cost of living crisis.

","elementId":"667fc846-3cb0-4822-81f2-dd614f402241"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The FTSE 100 oil company’s preferred measure of profit, which it describes as its underlying replacement cost profit, rose to $8.5bn (£6.9bn) between April and June.

","elementId":"a30dde44-e930-43df-9f3a-39ad0455ab6f"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

That is up from $6.2bn in the first three months of the year, and three times BP’s underlying profits of $2.8bn in the second quarter of 2021.

","elementId":"1f10af72-ad46-4ac8-ae27-105636ddcc05"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

It was the second highest quarterly profit in BP’s history, behind only its $8.8bn underlying profit in the summer of 2008.

","elementId":"f891879a-72f4-4d74-803f-1550b2f55504"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Rachel Reeves, the shadow chancellor, said the “eye-watering profits” showed that the government was “totally wrong” to have given significant tax breaks to oil companies.

","elementId":"1ea65f59-05a7-47de-bbb8-3159c96ab04a"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP also said it would hand investors $3.5bn through a share buyback programme, while it increased its total dividend payout by 10% to about $1.1bn.

","elementId":"9ce18062-9a19-4a2e-aca3-ec826d27a5d6"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Oil companies in the UK and beyond have enjoyed booming earnings in recent months on the back of rising energy prices as households around the world have struggled with soaring bills.

","elementId":"4123752f-833f-4f07-92b2-fcf653ad0450"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

As Russia’s invasion grinds on, the research firm Cornwall Insight predicts the energy price cap on bills in Great Britain is on track to rise to £3,615 a year from January.

","elementId":"37a1058e-2a5b-467b-8f40-3e40b91355c4"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Here’s the full story:

","elementId":"1bcca419-50a4-4b4f-b98f-ae4a9d2c1f30"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/business/2022/aug/02/bp-profits-oil-prices-ukraine-war-energy-prices-cost-of-living-crisis","text":"BP profits triple to £7bn as oil prices surge because of Ukraine war","prefix":"Related: ","role":"inline","elementId":"7757e448-6896-48f0-a10e-f287fd9cc879"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659429679000,"blockCreatedOnDisplay":"09.41 BST","blockLastUpdated":1659430193000,"blockLastUpdatedDisplay":"09.49 BST","blockFirstPublished":1659430193000,"blockFirstPublishedDisplay":"09.49 BST","blockFirstPublishedDisplayNoTimezone":"09.49","title":"Full story: BP profits triple to £7bn as oil prices surge because of Ukraine war","contributors":[{"name":"Jasper Jolly","imageUrl":"https://i.guim.co.uk/img/uploads/2020/02/24/Jasper_Jolly.jpg?width=300&quality=85&auto=format&fit=max&s=914b0d68deef93f067bc82b1d4a7cff2","largeImageUrl":"https://i.guim.co.uk/img/uploads/2020/02/24/Jasper_Jolly.png?width=300&quality=85&auto=format&fit=max&s=379cc2ade345d9eb794745e2cebc7e1b"}],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8d5b28f08c0014732918c","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP profits are “an insult to families struggling to get by” in the cost of living crisis, says unions.

","elementId":"a8b460bc-0df4-4388-a1b7-00d99e014d69"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

TUC General Secretary Frances O’Grady said:

","elementId":"06cf871f-3b63-45c7-b718-ef2197c9fca1"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

“Every family should get a fair price for the energy they need. But with energy bills rising much faster than wages, these profits are an insult to families struggling to get by.

\n

“For a fair approach to the cost of living crisis, price hikes and profits should be held back. Ministers must do more to get wages rising across the economy. And we should bring energy retail firms into public ownership so we can reduce bills for basic energy needs.”

\n

","elementId":"ae064d58-2a33-4ac8-8da8-54b46b2d872f"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659426227000,"blockCreatedOnDisplay":"08.43 BST","blockLastUpdated":1659426564000,"blockLastUpdatedDisplay":"08.49 BST","blockFirstPublished":1659426565000,"blockFirstPublishedDisplay":"08.49 BST","blockFirstPublishedDisplayNoTimezone":"08.49","title":"TUC: BP profits are an insult to struggling families","contributors":[],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8cebf8f08730a1f7f5ba5","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Energy bills could reach more than £3,600 a year this winter with soaring wholesale prices expected to continue to push household costs up at least until 2024.

","elementId":"8337af3c-2d78-40e6-afda-f77bd5bcf9d0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The research firm Cornwall Insight has upped its forecast that show the energy price cap is on track to rise to £3,615 a year from January, an increase on its previous estimate of £3,363 made last month.

","elementId":"7584f5fe-6b88-41a1-95a2-975590f96d43"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The cap on bills in Great Britain, which is now being set quarterly by the energy industry regulator, Ofgem, was at £1,400 a year as recently as October last year.

","elementId":"56d1ae7c-ba47-4d60-b11a-0a70ea810705"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

“What we are seeing is the extent to which there is so much uncertainty regarding the ongoing availability of gas from Russia to the European Union as winter approaches,” said Craig Lowery, a principal consultant at Cornwall Insight, speaking on the BBC Radio 4 Today programme on Tuesday.

","elementId":"f160a71a-8f3a-4a2c-bc89-e7272fe8755f"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

“Frankly it has not been uncommon to see our forecasts to change by as much as £100 a day as a consequence of this. We really have seen throughout spring and summer this progressive trend upwards in our forecasts.

\n

But crucially what we are seeing is the level of increases in these forecasts is continuing well into 2023 and at this point we don’t see any sign of it easing off going into 2024.”

\n

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Shares in BP have jumped 3% at the start of trading in London, after it tripled its profits in the last quarter and lifted its dividend to shareholders by 10%.

","elementId":"ee376145-041d-42cf-bc18-85ca78b47e3a"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659423639000,"blockCreatedOnDisplay":"08.00 BST","blockLastUpdated":1659427286000,"blockLastUpdatedDisplay":"09.01 BST","blockFirstPublished":1659423762000,"blockFirstPublishedDisplay":"08.02 BST","blockFirstPublishedDisplayNoTimezone":"08.02","title":"BP shares jump","contributors":[],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8c75b8f08730a1f7f5b7d","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP has reported ‘eye-watering profits’ at a time when the public are very worried about their energy bills jumping in the autumn, says Rachel Reeves MP, Labour’s Shadow Chancellor.

","elementId":"64b95fd4-5678-4efd-8fe4-54d1bdc2df64"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

“People are worried sick about energy prices rising again in the autumn, but yet again we see eye-watering profits for oil and gas producers.

\n

“Labour argued for months for a windfall tax on these companies to help bring bills down, but when the Tories finally u-turned they decided to hand billions of pounds back to producers in tax breaks. That is totally wrong.

\n

“It’s clear people need greater protection from rising bills. That’s why Labour would use this money now to help people get through the winter.

\n

“But we can’t carry on like this. Labour would bring down energy bills for good with a green energy sprint for home-grown power, and a 10-year warm homes plan to cut bills for 19 million cold, draughty homes.”

\n

","elementId":"98533bc7-89ff-4421-a5c3-621600ed3a12"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/environment/2022/jun/28/fracking-firms-could-be-eligible-for-uk-tax-breaks-worth-billions","text":"Fracking firms could share in UK fossil fuel tax breaks worth billions","prefix":"Related: ","role":"inline","elementId":"79a2f2ec-2f30-48ff-9f08-910b6a45fde4"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659422555000,"blockCreatedOnDisplay":"07.42 BST","blockLastUpdated":1659422797000,"blockLastUpdatedDisplay":"07.46 BST","blockFirstPublished":1659422797000,"blockFirstPublishedDisplay":"07.46 BST","blockFirstPublishedDisplayNoTimezone":"07.46","title":"Labour: More eye-watering profits for oil and gas producers","contributors":[],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8c2098f08af33ff4a584d","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP is lifting its payout to shareholders by 10%, as investors reap the rewards from its jump in profits.

","elementId":"46af5de9-50b8-474e-a316-29bc1f42de6e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The company will pay a dividend of just over 6 cents per share, up from 5.46 cents per share in the first quarter of the year.

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BP has tripled its underlying profits in the last quarter, as it benefitted from soaring energy price.

","elementId":"c7ecc26f-220f-4641-bd1e-1515baabd8c9"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The energy giant has reported underlying replacement cost profit of $8.45bn (£7bn) in April-June, up from $2.8bn in the second quarter of 2021.

","elementId":"8f3cf19c-826b-41d3-b868-14d474510bad"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

That’s also even higher than the underlying replacement cost profit of $6.2bn it made in Q1, which was the highest for 10 years.

","elementId":"7336cf5a-e23f-4337-80f2-12f27f39fefe"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1659419997000,"blockCreatedOnDisplay":"06.59 BST","blockLastUpdated":1659420887000,"blockLastUpdatedDisplay":"07.14 BST","blockFirstPublished":1659420466000,"blockFirstPublishedDisplay":"07.07 BST","blockFirstPublishedDisplayNoTimezone":"07.07","title":"BP profits triple to $8.5bn","contributors":[],"primaryDateLine":"Tue 2 Aug 2022 15.55 BST","secondaryDateLine":"First published on Tue 2 Aug 2022 06.42 BST"},{"id":"62e8abb68f08730a1f7f5ae4","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

","elementId":"276f00f9-b42c-4ae1-8ad1-825e59c922a5"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP’s chief executive Bernard Looney famously, or notoriously, described his company as a ‘cash machine’ last November. And today, we discover how much profits BP made in the last quarter as the Ukraine war drove up energy costs.

","elementId":"f9f988ad-fcdb-45ba-8bf5-47677a537268"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP could report its highest profit in more than a decade, reigniting controversy over energy companies making money during an energy crisis.

","elementId":"c0f381a2-771c-451f-9fa2-26969bb0c897"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The industry has benefited from soaring oil and gas prices that have left millions of UK households struggling to pay their bills, which are set to soar over £3,000 per year this winter.

","elementId":"191e1d92-e1d1-416d-9742-d3e7bba7e747"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/money/2022/jul/27/uk-energy-bills-forecast-to-hit-3850-pounds-russia-cuts-gas-supply-further-europe-pipeline","text":"UK energy bills forecast to hit £3,850 as Russia cuts gas supply further","prefix":"Related: ","role":"inline","elementId":"47f08e4a-3e89-441f-98a3-72f45f67b61b"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Analysts predict BP’s underlying earnings could hit $6.8bn for the three months to June, more than double the $2.8bn of a year earlier. We’ll find out when BP’s results are released at 7am.

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That’s even higher than the $6.2bn ‘underlying replacement cost profit’ BP made in the first quarter of the year, due to high operating-cash generation, strong oil-and-gas trading and a significant improvement in refining margins.

","elementId":"81b711ea-480f-4a2c-b0ca-8f9ff0c38bf7"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

BP’s fellow oil supermajors have already reported eye-watering earnings for the last quarter, with Shell making adjusted profits of $11.5bn…and Exxon reporting an unprecedented $17.85bn.

","elementId":"5e6f1ef9-55f0-43f4-b599-a318cda257bf"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/business/2022/jul/28/shell-posts-10bn-quarterly-profits-as-households-struggle-with-bills","text":"Shell and Centrica post profits totalling £11bn as households struggle with bills","prefix":"Related: ","role":"inline","elementId":"ad4133c7-7e2c-4776-a0c9-86c85e940bc0"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/business/2022/jul/29/oil-gas-company-profits-fuel-prices-shell-exxon-chevron","text":"Oil company profits boom as Americans reel from high fuel prices","prefix":"Related: ","role":"inline","elementId":"ba0b7a36-72a7-4503-8242-65b6c0aa335f"},{"_type":"model.dotcomrendering.pageElements.SubheadingBlockElement","html":"

Also coming up today

","elementId":"e69af982-65f7-4773-a92f-ef5a206f0ac0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

High street bakery Greggs, drinks group AG Barr, pizza delivery firm Domino’s building materials supplier Travis Perkins are also reporting results, while building society Nationwide is releasing its latest house price data.

","elementId":"865e7c0d-e623-42a4-8f5a-4be75e303821"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

British Airways has reportedly suspended the sale of short-haul flights from Heathrow for at least a week, adding to the problems facing holidaymakers this summer.

","elementId":"61b62226-4409-489c-b2c2-d417bcdf9fb2"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Thousands of seats being removed from sale, as BA complies with Heathrow’s cap of 100,000 passengers per day. It will push already high prices up further across the industry, points out The Times.

","elementId":"a6291ae3-5ac2-4047-8818-8ceccca6a441"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/business/2022/aug/02/british-airways-suspends-heathrow-short-haul-ticket-sales-report","text":"British Airways suspends Heathrow short-haul ticket sales – report","prefix":"Related: ","role":"inline","elementId":"86ac0bac-2574-481e-b852-970814235356"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Stock markets are somewhat jittery this morning, as traders brace for US House Speaker Nancy Pelosi’s expected arrival in Taipei this week, as tensions between Washington and Beijing rise.

","elementId":"7aa85810-63dd-4077-8f93-b12017a39de9"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/world/2022/aug/01/china-military-nancy-pelosi-visit-taiwan","text":"US says Beijing has no reason to turn Pelosi’s expected Taiwan visit into a ‘crisis’ ","prefix":"Related: ","role":"inline","elementId":"62b9c247-423d-4358-a38b-a65257c54631"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Brent crude has dropped below $100 per barrel overnight, as recession fears also rise after weak factory growth figures yesterday.

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The agenda

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7am BST: BP Q2 results released

7am BST: Greggs, AG Barr, Travis Perkins and Domino’s also report results

7am BST: Nationwide house price index for July

3pm BST: US JOLTS survey of job openings in June

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Key events

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