BP has put its $4bn US biogas business up for sale as new chief executive Meg O'Neill reshapes the oil major, which on Tuesday posted its highest quarterly profit since 2022. Archaea, which captures methane from landfill sites, is the largest renewable gas producer in the US but has struggled, leading to significant write-downs. The oil major took a $1.1bn impairment on its green energy assets in the latest quarter.

O'Neill, who took over in April, stated, 'When we look at some of the investments we’ve made, they have not delivered the returns that we expect.' BP reported a 144 per cent rise in second-quarter adjusted profits to $5.7bn, driven by higher oil, gas, and fuel prices during the Iran conflict. The company has also sold its UK North Sea assets, closed its venture capital arm, and exited other projects to cut debt. O'Neill aims to reduce net debt below $18bn by December, a goal a year ahead of schedule.

Analyst Biraj Borkhataria noted BP’s improved shape but stressed the need for clearer financial frameworks.