BP profits jump as Middle East conflict drives up oil refining margins
Source: The Guardian ·
Third-quarter underlying replacement cost profit rises to $8.46bn, up from $2.2bn a year agoBP has posted a jump in its quarterly profits as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.The energy company said on Friday that third-quarter underlying replacement cost profit – a key measure of its income – rose to $8.46bn, up from $2.2bn…
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BP has posted a jump in its quarterly profits as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading. The energy company said on Friday that third-quarter underlying replacement cost profit – a key measure of its income – rose to $8.46bn, up from $2.2bn a year ago. Analysts had expected profits of $7.33bn. The company said the jump in profits “mainly reflects significantly higher realised refining margins and significantly higher gas and marketing trading result”. BP’s quarterly earnings were bolstered by higher profits from the oil refining business. Although global oil prices have remained below the peaks recorded during the 2022 energy crisis, the pump prices for fuels including diesel have soared to all-time highs across the UK, Europe and the US in recent months because of severe disruptions to refineries in the Gulf region and across Russia. Meg O’Neill, the chief executive of BP, said: “These are dynamic times with volatility…