Looney remains confident despite BP’s fall in profits

Looney remains confident despite BP’s fall in profits

BP CEO Bernard Looney
(Photo by DANIEL LEAL-OLIVAS/AFP via Getty Images)

BERNARD Looney, the Kerry man who is CEO of BP, has expressed confidence in the company’s performance, despite a steep fall in profits in the second quarter of this year by almost 70 per cent to $2.6billion (or just over £2billion)

Looney emphasized the company's resilient underlying performance despite facing challenges like significant maintenance activity and weaker margins in its refining business.

The figures fell short of City expectations of $3.5 billion and werea sharp contrast to the record-breaking $8.5 billion profit in the same period of 2022.

BP, a global oil and gas giant operating in about 70 countries, experienced a boost in profits due to a surge in energy prices following Russia's invasion of Ukraine. However, this surge was followed by a decline in prices, driven by concerns about potential shortages and a macroeconomic slowdown impacting demand.

Wholesale oil and gas prices have fallen back sharply since last year.

During the three months leading to June, Brent crude, the benchmark oil price, averaged at $78 per barrel, a notable decrease from nearly $114 per barrel during the same period in the previous year.

Bernard Looney was born near Kenmare, and brought up on a dairy farm. One

of his brothers is a garda officer, another a telecoms engineer, while his sister is in banking.