Business · Companies · 19 hrs ago
BP posts $8.46 billion quarterly profit, its highest in 18 years
BP reported $8.46 billion in third-quarter profit, nearly four times its earnings in the same period a year earlier.
The increase came as the Iran war lifted energy prices and refining margins, helping BP and other oil companies earn more.
BP said its refineries performed strongly, while its cash flow helped it reach its debt target a year early.
Chief executive Meg O’Neill is cutting costs, selling assets and paying down debt after BP reset its strategy in 2025.
Campaigners called the profits unfair as households face higher energy costs and warned that fossil fuels worsen climate change.
BP said it would use some surplus cash to settle remaining liabilities from the 2010 Deepwater Horizon oil spill.
The company is due to present its longer-term strategy on December 15.
BP reported third-quarter underlying replacement cost profit of $8.46 billion, nearly four times its result a year earlier.
The company’s earnings beat analysts’ expectations as the Iran war pushed up energy prices and refining margins.
BP said it would use part of its surplus cash to settle remaining liabilities from the 2010 Deepwater Horizon disaster.
Campaigners criticised oil companies for making large profits while households face high energy costs.
BP plans to set out its longer-term strategy on December 15.
- Who
- BP, led by chief executive Meg O’Neill.
- What
- BP reported third-quarter underlying replacement cost profit of $8.46 billion, nearly quadruple its result a year earlier.
- When
- The results were reported on October 30, 2026, for the three months to September 30.
- Where
- Not stated
- Why
- Higher energy prices and refining margins, boosted by the Iran war, helped lift profits.
BP
Global Witness
Profits
BP
BP said its refineries were running close to capacity to help keep oil supplies flowing amid market disruption.
Global Witness
Global Witness said oil companies were cashing in on the Iran war while civilians faced harm and households struggled with rising living costs.
Use of profits
BP
BP said it would use part of its surplus cash to settle remaining Deepwater Horizon liabilities.
Global Witness
Global Witness said oil companies should pay more for the damage they are doing to the planet.
A blow-out on the drilling rig at BP-operated Macondo well caused a major oil spill and killed 11 people.
BP reset its strategy after an ill-fated push into renewables.
BP recorded underlying replacement cost profit of $8.46 billion.
BP reported its third-quarter results.
BP is scheduled to hold a strategy update.
- Third-quarter profit
- $8.46 billion
- Profit a year earlier
- $2.21 billion, according to the Evening Standard
- Operating cash flow
- $14.8 billion
- Net debt
- $13.9 billion
- Refining indicator margin
- $46.7 per barrel
- Deepwater Horizon liabilities
- $5.94 billion in related payables and provisions
7 sources
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What people are saying
It is obscene that polluters are continuing to cash in on the fallout of the war in Iran, making more bumper profits from spiralling oil prices while innocent civilians suffer.
It really was a banner quarter for the refining business.
We had very strong margins from the BP-operated refineries, we also had very strong underlying performance.