BP posts net income of $8.46 billion, beating expectations
BP posted $8.46 billion in quarterly profit and said excess cash will help reduce debt and settle remaining Deepwater Horizon liabilities.
- On Oct 30, The British major posted third-quarter underlying replacement cost profit of $8.46 billion, surpassing analyst expectations of $7.33 billion and nearly quadrupling year-on-year earnings.
- Volatile energy markets fueled by the Middle East conflict and the war in Iran drove the surge, with CEO Meg O'Neill stating refineries have been "running close to capacity" to maintain supply flows.
- Operating cash flow reached $14.8 billion, enabling the company to allocate $5.94 billion toward settling remaining Deepwater Horizon oil spill liabilities while meeting debt reduction targets ahead of schedule.
- Campaign group Global Witness criticized the results, noting Europe's six largest oil firms generated $89 billion in 2026 profits, with Jonathan Noronha-Gant labeling the earnings "obscene" and fueling tax increase calls.
- Mounting calls for increased sector taxes follow the earnings, though the Chancellor's budget announced on Wednesday contained no levy changes, while the vital Strait of Hormuz shipping route remains closed.
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BP Posts Record $8.46 Billion Quarterly Profit as Iran Conflict Drives Energy Earnings
BP reported a record quarterly profit of $8.46 billion, beating analysts' expectations as the conflict involving Iran pushed oil prices higher and strengthened refining margins. ... The post BP Posts Record $8.46 Billion Quarterly Profit as Iran Conflict Drives Energy Earnings first appeared on [your]NEWS.
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Reformatorisch Dagblad
British oil and gas company BP posted its highest profit in eighteen years in the third quarter, thanks to sharply rising energy prices and high refining profit margins caused by the war in the Middle East. Profit amounted to nearly 8.5 billion dollars, compared to 2.2 billion dollars a year earlier.
Evening Standard
BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis
The firm 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.
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