BP Reports Soaring Profits Amidst Global Energy Disruptions
Oil giant's third-quarter underlying replacement cost profit hits $8.46 billion, driven by refining margins and trading gains.
Sarah Connor
BP reported a significant surge in third-quarter profits.
War in the Middle East drove up oil and gas prices, leading to 'significantly higher' trading. The conflict caused considerable disruption to energy and fuel markets, with the vital Strait of Hormuz shipping route remaining closed.
Meg O’Neill confirmed the firm’s refineries have been “running close to capacity” to help keep oil supplies flowing. This occurred as the Middle East conflict caused massive disruption to energy and fuel markets worldwide.
Pump prices for fuels, including diesel, soared to all-time highs across the UK, Europe, and the US in recent months. Severe disruptions to refineries in the Gulf region and across Russia caused this rise.
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.
The US-Israeli war on Iran boosted profits for oil majors. BP plans to use its excess cashflow to address remaining liabilities from the 2010 Deepwater Horizon oil spill.
Global Witness claims BP's bumper profits bring the total from Europe's six biggest oil firms to $89 billion (£66.4 billion) so far in 2026.
Jonathan Noronha-Gant condemned the situation. He stated, "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."
Noronha-Gant added, "These massive profits come as ordinary people across Europe are struggling with the rising cost of living, with many struggling to afford to heat their homes as winter arrives."
He further asserted that "Oil giants can and should pay much more for the damage they are doing to our planet."