bp announced that its operating cash flow in Q2 2022 was $10.9 billion and for H1 it reached $19.1 billion respectively, compared with $5.4 billion and $11.5 billion for the same periods last year.

The increase, the company clarified, is driven largely as a result of higher realizations, according the company’s statement.

Additionally, profit attributable to bp shareholders in the second quarter was $9.3 billion, compared with $3.1 billion in the same period of 2021 largely as a result of higher realizations.

The replacement cost profit before interest and tax for the second quarter and half year was $3,531 million and $5,512 million respectively, compared with $640 million and $1,574 million for the same periods in 2021.

This comes as bp referred to its strategic progress in different locations across its portfolio, including Egypt. On 27 June bp was awarded a new exploration block, offshore Egypt. The King Mariout Offshore area, with 100% bp working interest, is located approximately 20 kilometers west of the Raven field in the Mediterranean Sea.

“Today’s results show that bp continues to perform while transforming. Our people have continued to work hard throughout the quarter helping to solve the energy trilemma – secure, affordable and lower carbon energy. We do this by providing the oil and gas the world needs today – while at the same time, investing to accelerate the energy transition, Bernard Looney, bp Chief executive officer, commented on the results.