BP Condemned Over 'Mammoth Profits' as Fossil Fuels Wreak Havoc on the Planet

The London-based oil giant BP announced Tuesday that it hauled in $2.8 billion in profit during the second quarter of the year as the world faced the consequences of the fossil fuel industry's business model in the form of record-shattering heat, devastating wildfires, and other weather extremes.

The company's second-quarter profit surpassed analysts' expectations and brought its total profit for the first half of 2024 to $5.5 billion. BP on Tuesday also announced a 10% dividend increase, an expansion of its stock buyback program, and a green light for a new drilling platform in the Gulf of Mexico, even as international scientists say any new fossil fuel production is incompatible with critical warming targets set out by the Paris climate accord.

BP said that once completed, the new floating platform would have the capacity to produce 80,000 barrels of crude oil daily.

Chiara Liguori, Oxfam Great Britain's senior climate justice policy adviser, said in a statement that "the world can no longer afford fossil fuel companies putting short-term profits above people and planet."

"It is inexcusable that BP, one of the world's most polluting and profitable fossil fuel companies, continues to rake in billions of pounds while low-income countries are in urgent need of funds to tackle the devastating impacts of the climate crisis despite doing the least to cause it," said Liguori. "The costs of inaction are already here with deadly heat waves, wildfires, flooding, and drought, but it is people living in poverty who are left paying the highest price."

BP's profit report came weeks after the company, now under the leadership of CEO Murray Auchincloss, announced it would pause new offshore wind projects and put fresh "emphasis on oil and gas amid investor discontent over its energy transition strategy," as Reutersreported last month. The move came over a year after the company rolled back its plan to curtail oil and gas production.

Extreme weather driven by the burning of fossil fuels, meanwhile, continued to wreak havoc across the globe.

"As global temperatures spiked to their highest levels in recorded history [last Monday], ambulances were screaming through the streets of Tokyo, carrying scores of people who had collapsed amid an unrelenting heat wave," wroteThe Washington Post's Sarah Kaplan over the weekend. "A monster typhoon was emerging from the scorching waters of the Pacific Ocean, which were several degrees warmer than normal. Thousands of vacationers fled the idyllic mountain town of Jasper, Canada ahead of a fast-moving wall of wildfire flames."

"By the end of the week—which saw the four hottest days ever observed by scientists—dozens had been killed in the raging floodwaters and massive mudslides triggered by Typhoon Gaemi," Kaplan continued. "Half of Jasper was reduced to ash. And about 3.6 billion people around the planet had endured temperatures that would have been exceedingly rare in a world without burning fossil fuels and other human activities, according to an analysis by scientists at the group Climate Central."

Izzie McIntosh, a climate campaigner at the United Kingdom-based advocacy group Global Justice Now, said Tuesday that BP's "mammoth profits" come "at the expense of our climate, communities, and the Global South facing the most brutal impacts of a climate crisis they did not cause."

"Labour has made some promising signals about a move toward green energy—it now needs to throw its weight behind tackling the rampant profiteering of oil and gas companies," McIntosh said of the newly elected U.K. government. "It can do this by introducing a windfall tax and other measures to fund the U.K.'s contribution to a globally just fossil fuel phaseout that works for workers and communities in the U.K. and around the world."