BP third-quarter underlying profit nearly quadruples to $8.5 billion

BP reported nearly $8.5 billion in third-quarter underlying profit as refining and trading earnings surged.
BP’s refining margin reached $46.70 per barrel, while its refineries and trading business added $2.5 billion in quarterly earnings.
BP booked a $4 billion low-carbon impairment as it refocuses on hydrocarbons; five major oil companies reported $56.3 billion combined adjusted profit.

BP’s underlying replacement-cost profit nearly quadrupled to $8.5 billion in the July-to-September period, exceeding the latest cited $7.3 billion analyst forecast, as refining and oil-trading earnings benefited from disruptions linked to conflicts in Iran and Ukraine. BP’s refining margin rose to $46.70 a barrel from $29.60 in the previous quarter and $15.80 a year earlier, while its US and European refineries and trading business contributed $2.5 billion of additional earnings from the prior quarter. BP also recorded a $4 billion impairment on renewable and low-carbon investments and is restructuring around oil and gas, including a planned sale of its North Sea business. BP’s results formed part of combined adjusted net income of $56.3 billion reported by ExxonMobil, Chevron, BP, Shell and TotalEnergies, as about 10% of global fuel-making capacity was sidelined by Middle Eastern conflict and Ukrainian strikes.