Despite the big rise in profits, BP chief executive Meg O’Neill said the company was not reaching its full potential.

BP, which employs nearly 14,000 people in the UK, confirmed plans to move further away from clean energy, revealing plans to sell off its US renewable natural gas business Archaea.

O’Neill said this was part of her plan to prioritise “value, not sentiment or history”.

“We have to focus on the assets with the strongest potential to deliver competitive returns and long-term value,” she said.

Last week, BP announced it was putting its North Sea business up for sale in a move that would end 60 years of production in the region by the company.

Russ Mould, investment director at AJ Bell, said the sell-offs intended to make the business more streamlined.

“O’Neill will be aware she cannot rely on oil and gas prices remaining this high indefinitely,” he said.

“She needs to make sure it can prosper even when the backdrop is less helpful.”

The bumper profits reported by oil companies have led to an angry response from campaign groups.

Angharad Hopkinson, from environmental group Greenpeace, said BP’s results showed that “corporate gains have become entirely divorced from the public good”.

She said “the one point on which we agree with BP” is its decision to sell off its North Sea operations.

“Prolonging this parasitic relationship by trying to squeeze the last few drops of expensive oil out of the North Sea is sheer folly,” Hopkinson said.

Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said oil firms “have banked more billions from a crisis that has created real hardship for millions of households”.

“The lesson is not to hand yet more tax breaks to an industry posting billions in profit every quarter, but to use Windfall Tax receipts to clear the record energy debt households built up during the crisis,” he said.

Energy firms operating in the UK are subject to a windfall tax – called the Energy Profits Levy – that was introduced in 2022.

However, the tax only applies to profits made from extracting oil and gas in the UK.

The facility will become the second Big Yellow Self Storage in the city

A new storage facility is set to be built in Newcastle following the appointment of a leading Yorkshire construction company. Caddick Construction, based in Wakefield, has been named principal contractor for the design and build of a new Big Yellow Self Storage facility in Newcastle’s west end – the second in the city alongside its Industry Road site.

The company is a leading provider of secure, modern self-storage units, offering customers rooms of varying sizes for both personal and business needs, and rapid expansion over the last few years has seen it grow to operate 114 locations across England, Scotland, and Wales.

Being delivered on behalf of the Big Yellow Construction Company, the new facility will have around 60,000 sqft of internal storage space spread across four floors, customer loading bays, staff welfare, office and reception areas.

Based on Scotswood Road, the facility will also have roof mounted solar photovoltaics (PV), battery storage, car parks, landscaping and external works. The storage centre is due to be completed next summer, and will be built to meet BREEAM ‘Very Good’ requirements.

The appointment builds on the success of Caddick’s first year in the North East, having secured a range of contracts totalling £127m since opening its new office in Durham in 2025. It also adds to its portfolio of industrial projects, which includes Richardson Barberry’s new DPD parcel hub at Newton Aycliffe.

Steve Ford, regional managing director, Caddick Construction North East & Yorkshire, said: “We’re pleased to have been appointed to the design and construction of Big Yellow Self Storage’s new facility. This project expands our industrial portfolio in the North East and builds on our team’s expertise in delivering high-specification schemes.

“As one of the most active development markets in the UK, we’re proud to support the region and the local area through this investment, and we look forward to working closely with the Big Yellow team and our regional supply chain to deliver a high-quality, sustainable development.”

Nigel Hartley, Big Yellow’s construction director, added: “Big Yellow Construction has a strong track record of delivering high-quality, sustainable assets for the operational business across the UK. To maintain these consistently high standards, we work only with the best, and we are delighted to partner with Caddick Construction on what we hope will be another successful project for everyone involved.”

Headquartered in Wakefield and with regional offices in Warrington, Kendal, Durham and Birmingham, Caddick Construction Group employs over 500 people across Yorkshire, the North East, North West and Midlands. In its last financial year, Caddick Construction Group – which is formed of Caddick Construction, Caddick Civil Engineering and CCL Facades – reported a turnover of £375m, a pre-tax profit of £4.5m and a forward order book of over £1.4bn.

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