BP profits nearly quadruple to record on Middle East conflict

Summarised from 10 outlets · 12 reports · Updated 30 Oct, 14:52 · Archive

BP's third-quarter underlying replacement cost profit jumped to $8.46 billion from $2.2 billion a year ago, driven by higher refining margins and energy prices.

BP reported third-quarter underlying replacement cost profit of $8.46 billion, nearly four times the $2.2 billion recorded a year earlier. The result surpassed analyst expectations of between $5.44 billion and $7.33 billion, depending on the forecasting body.

The profit surge reflects significantly higher realised refining margins and gains from gas and marketing trading, according to BP. The company's operating cash flow reached $28.55 billion across the first nine months of 2026, compared with $16.89 billion in the same period of 2025. Net debt fell to $13.87 billion from $26.05 billion.

The Middle East conflict has caused severe disruption to global fuel supplies. Refinery outages and damage in the Gulf region and Russia have pushed fuel prices to near or all-time highs in the UK, Europe and the US, even as crude oil prices remain below 2022 crisis levels. The Strait of Hormuz shipping route has been closed.

BP chief executive Meg O'Neill said in a statement: 'These are dynamic times with volatility and disruption to trade flows continuing to define energy markets. The industry as a whole has been showing remarkable adaptability. Refineries have been running close to capacity to make up for shortfalls, shipping has been taking different and longer routes, and releases from strategic and commercial reserves are helping to bridge supply gaps.'

BP reported $5 billion in writedowns on its renewable energy business and slashed planned transition capital expenditure by more than $5 billion annually to a target of up to $2 billion. The company is using surplus cash to reduce debt and address liabilities from the 2010 Deepwater Horizon oil spill. It also put North Sea assets and its US biogas business up for sale.

Environmental groups condemned the results. Campaign group Global Witness claimed BP's profits bring Europe's six largest oil firms' earnings to $89 billion in 2026 so far. Jonathan Noronha-Gant from Global Witness said the profits were obscene given that ordinary people across Europe struggle with rising living costs and heating bills as winter approaches. Tessa Khan, executive director of anti-fossil fuel group Uplift, said millions worry about staying warm while companies 'laugh all the way to the bank'. Shell reported rival profits of between $10.81 billion and $12.1 billion, depending on the measure, a day before BP's announcement.

How it is being reported

• BP's record £6.3billion profit in three months branded 'obscene' amid soaring household billsBP has become the latest oil and gas giant to announce a profit bonanza on the back of the Iran war, which has seen households' bills leapThe Mirror · 30 Oct, 14:40
• BP profits nearly QUADRUPLE amid Iran war as environmental groups slam 'obscene' amountsOil giant BP has revealed a near fourfold surge in profits after the Iran war sent prices soaring. Its adjusted profits reached £6.31billion in the three months to September 30 - up from £1.65billion a year ago. Chief executive Meg O'Neill said refineries had been running "close to capacity" to make up for shortfalls caused by the Iran conflict. She said the wider industry had shown "remarkable adaptability" in dealing with the energy shock: “I’m proud of the contribution BP is making to keep energy flowing”. TRENDING Stories Videos Your Say But environmental groups labelled the…GB News · 30 Oct, 12:50
• BP profits quadruple in a year as high energy prices deliver record windfallBP reported a record haul in the third quarter as higher energy prices caused by the Middle East conflict helped to nearly quadruple profits.This is Money · 30 Oct, 08:58
• BP reports soaring profits in ‘obscene’ sector haul amid oil price crisisThe firm said profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago.Independent Business · 30 Oct, 08:46
• BP reports soaring profits in ‘obscene’ sector haul amid oil price crisisThe firm said profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago.Evening Standard · 30 Oct, 08:46
• BP shares lift as oil giant cheers surge in profitBP has reported a surge in profit after the disruption to fuel supplies caused by the war in Iran turbocharged its margins. The FTSE 100 firm reported earnings of $8.5bn (£6.3bn) for the third quarter, a near-quadrupling compared to the same period last year, smashing analyst estimates. The company has halved its debt over the [...]City AM · 30 Oct, 08:25
• BP profits jump as Middle East conflict drives up oil refining marginsThird-quarter underlying replacement cost profit rises to $8.46bn, up from $2.2bn a year ago 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. Continue reading...Guardian Business · 30 Oct, 08:06
• BP reports soaring profits in ‘obscene’ sector haul amid oil price crisisThe firm said profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago.Independent Business · 30 Oct, 07:56
• BP reports soaring profits in ‘obscene’ sector haul amid oil price crisisThe firm said profits jumped to 8.46 billion US dollars (£6.31 billion) in the third quarter, up from 2.21 billion dollars (£1.65 billion) a year ago.Evening Standard · 30 Oct, 07:56
• BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surgeThe oil major was the latest to smash profit expectations as global conflicts continue to drive energy market volatility.CNBC · 30 Oct, 07:51
• BP profits hit 18-year high as another bank makes billionsProfits at the UK-based oil and gas giant BP have hit an 18-year high, surpassing the level seen during the 2022 energy crisis.Sky News · 30 Oct, 07:39
• BP’s profits surge to record on high fuel pricesOil and gas major paying off debt with windfall while competitors hand more cash back to shareholdersFinancial Times · 30 Oct, 07:20

In this story: BP · Meg O'Neill · Shell · Global Witness · Middle East · Strait of Hormuz

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log