Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices.

Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry.

  • MicroWave@lemmy.worldOP
    14·
    1 year ago

    Like Shell, BP has attracted criticism in recent months for watering down its climate commitments. In 2020, the company committed to become a net-zero company “by 2050 or sooner,” then said earlier this year that it would scale back plans to cut carbon emissions by reducing its oil and gas output.