- BP posted Q3 underlying replacement cost profit of $8.6bn, nearly quadrupling from a year earlier and beating $7.3bn analyst estimates.
- BP's average refining indicator margin rose to $46.7 per barrel in Q3 from $29.6 in Q2 and $15.8 a year earlier.
- BP cut net debt by nearly $10bn to $13.9bn at the end of Q3 and has not raised shareholder payouts.
- Nine big oil firms are on track to amass profits of more than $95bn in Q3 as the Middle East war drives up fossil fuel prices.
- TotalEnergies doubled earnings year on year and Shell lifted its buyback program to $5bn from $4.2bn on record refining margins.
Quotes
“the underlying result mainly reflects significantly higher realized refining margins and significantly higher gas and marketing trading result”
“We have now delivered our net debt and structural cost reductions targets and have line of sight on the remaining two of the four primary financial targets we set ourselves for 2027”