London
9 °C
Manchester
10 °C
Glasgow
Dublin
Belfast
13 °C
Washington
13 °C
Denver
Atlanta
Dallas
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
14 °C
9 °C
-10 °C
-2 °C
22 °C
23 °C
20 °C
BP net profit quadruples on higher oil prices / Photo: Oli SCARFF - AFP
BP net profit quadruples on higher oil prices
British energy giant BP said Friday that its net profit quadrupled in the third quarter as the Middle East war disrupted oil and gas supplies and sent prices surging.
Profit after tax jumped to $4.70 billion in the July-September period from $1.16 billion in the third quarter of 2025, BP said in a statement.
Chief executive Meg O'Neill welcomed "a strong set of results, supported by the higher-price, higher-margin environment".
Along with rivals, BP's third quarter benefited from strong refining margins, which reflect the spread between the price of crude oil and the fuels derived from it.
Production and exports of refined products in the Middle East remain heavily disrupted, meaning refineries unaffected by the conflict can benefit from tighter global supplies.
"These are dynamic times with volatility and disruption to trade flows continuing to define energy markets," said O'Neill, who took over as chief executive in April.
BP said net debt in the third quarter was $13.87 billion, down from $22.25 billion in the second quarter, adding that the group had also met its cost-reduction targets.
BP, whose performance has generally fallen behind that of its rivals in recent years, had slashed clean energy investment ahead of O'Neill's appointment as the group pivots back to its more profitable oil and gas business.
O'Neill will set out her new strategy for the company in December, with a focus on slashing debt and cutting costs.
BP's results follow bumper profits announced by Britain's Shell and France's TotalEnergies on Thursday thanks to higher refining margins and hydrocarbon prices.
ajb/bcp/js
G.Palmiero--INP
