BP profit jumps as war lifts oil prices and refining margins
The energy company beat forecasts in the third quarter as war drove up oil prices and refining margins, news organisations reported.
AI illustrationBP's profit jumped in the third quarter as war drove up oil prices and refining margins, and the energy company beat forecasts, news organisations reported on Friday.
Underlying replacement cost profit for the quarter, which BP treats as a key income measure, reportedly reached $8.46bn, compared with $2.2bn in the same period a year earlier; analysts had reportedly expected $7.33bn. The company also reportedly saw significantly higher trading, with gas prices as well as oil prices pushed up by the war in the Middle East, according to reports.
Between July and September, BP's net profit reportedly quadrupled, with the Iran war cited as the reason refining margins and oil prices rose so sharply. Net debt was reportedly reduced by $8.4 billion (€7.5bn), and the company is due to give a strategy update in December, according to reports.