BP reports soaring third-quarter profits of $8.46bn amid the oil price crisis

Summary

BP reported soaring profits amid the oil price crisis, the Evening Standard and The Independent reported on Friday 30 October, headlining an 'obscene' sector haul, the firm saying profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago. The underlying replacement cost profit, a key measure of BP's income, rose to $8.46bn as the war in the Middle East drove up oil and gas prices and led to 'significantly higher' trading, against the $7.33bn analysts had expected, The Guardian reported, and Euronews wrote that net profit quadrupled as the Iran war sent refining margins soaring, BP cutting its net debt by $8.4 billion ahead of a strategy update in December. The Financial Times reported that BP's profits surged to a record on the back of high fuel prices, the oil and gas major paying off debt with the windfall while competitors hand more cash back to shareholders, and Sky News that BP's profits hit an 18-year high, surpassing the level seen during the 2022 energy crisis.

Latest: BP said profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago, the Evening Standard and The Independent reported, The Guardian writing that analysts had expected $7.33bn, the Financial Times that the profits surged to a record on the back of high fuel prices and Sky News that they hit an 18-year high.

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