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BP profits nearly quadruple to record on Middle East conflict
BP's third-quarter underlying replacement cost profit jumped to $8.46 billion from $2.2 billion a year ago, driven by higher refining margins and energy prices.
BP reported third-quarter underlying replacement cost profit of $8.46 billion, nearly quadrupling from $2.2 billion a year earlier and exceeding analyst expectations. The surge reflects significantly higher refining margins and gas and marketing trading results, driven by the Middle East conflict and disruptions to global fuel supplies including closure of the Strait of Hormuz shipping route. Chief executive Meg O'Neill said refineries have been running at near capacity to offset shortfalls. BP's net debt fell to $13.87 billion in the first nine months of the year from $26.05 billion. Environmental campaign groups criticised the profits as obscene, with Global Witness claiming Europe's six largest oil firms have earned $89 billion so far in 2026.
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