BP Profits drop after wholesale energy prices fall back

Oil giant BP profits fell steeply between April and June 2023 after energy prices fell back from spikes caused by Russia’s war with Ukraine.

The firm confirmed that its underlying profits were $2.5bn dollars compared to an $8.4bn profit reported in the same three months of 2022, a period covering the early stages of Russia’s invasion of Ukraine when Russia cut the gas supply off to Europe which drove wholesale energy prices to an all-time record high.

Wholesale gas and oil prices have fallen back sharply since this period as the rest of the world has sourced alternative sources away from Russia.

A former BP exec, Nick Butler, said that the results are back to something like normality pre-Covid and pre-Ukraine.

Other energy giants Shell continue to make strong profits reporting $5.1bn in income for the same period between April and June 2023.

BP said that it paid $970 million on its North Sea businesses between January and June 2023 with nearly half of that due to the Energy Profits Levy, the windfall tax levied by the government for the excess profits generated during the period of high wholesale costs in 2022.

Back to the Latest News

Our Supplier Panel

The Energy Advice Line is the UK's leading online price comparison and switching service dedicated to small and medium sized businesses in the UK.

Our online quotation engine has been designed to facilitate speedy but accurate commercial electricity and gas prices – all at the click of a button to allow you to search the market for the lowest prices from an extensive panel of suppliers and contract options.

1 5 16 17 13 71 14 110 22 28 44 58 31 51 36 60 46 65 70 79 81

Customers Love Us !

Say 'No' to cold calling on business energy

Unfortunately, business electricity and business gas customers in the UK are bombarded with unsolicited cold calls on a daily basis.

This unscrupulous approach does not offer the business energy customer an impartial view on the market and the price offered is more often 20-30% above the current retail price for electricity or gas.

At Energy Advice Line we strongly advise customers to not accept these offers and follow our simple steps to ensure that they are not locked into an uncompetitive contract.

Join our cold calling campaign here, and spread the word to say 'no' to cold calling on business energy!

Say No To Cold Calling on Business Energy