BP posts net income of $8.46 billion, beating expectations
BP said strong cash generation cut net debt by $8.4 billion and put it on track to address $5.94 billion in 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.
27 Articles
27 Articles
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.
BP profit hits 18-year high as oil refining margins surge
BP profit surged to the highest in 18 years as soaring refining margins boosted earnings, giving chief executive Meg O’Neill a powerful tailwind as she seeks to turn around the beleaguered British energy major.
BP shares lift as oil giant cheers surge in profit
BP has reported a surge in profit after the disruption to fuel supplies caused by the war in Iran turbocharged its margins. The FTSE 100 firm reported earnings of $8.5bn (£6.3bn) for the third quarter, a near-quadrupling compared to the same period last year, smashing analyst estimates. The company has halved its debt over the [...]
BP's profit jumped to an 18-year high in the latest quarter, driven by record-high refining margins. The British energy giant also slashed its net debt, paving the way for a share buyback that was suspended earlier this year, Bloomberg reported.
Coverage Details
Bias Distribution
- 53% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
