BP profits jump as Middle East conflict drives up oil refining margins
Summary
BP reported third-quarter underlying replacement cost profit of $8.46 billion, up from $2.2 billion a year earlier and above analysts’ $7.33 billion estimate. The company attributed the increase mainly to higher refining margins and stronger gas and marketing trading, amid disruptions to energy supplies linked to the Middle East conflict.Key Facts
- BP’s third-quarter underlying replacement cost profit was $8.46 billion, compared with $2.2 billion a year earlier.
- Analysts had expected BP’s profit to reach $7.33 billion.
- BP said higher refining margins and gas and marketing trading results mainly drove the increase.
- The article reports that refinery disruptions in the Gulf region and Russia contributed to higher fuel prices in the UK, Europe and the US.
- BP said it would use excess cash flow to address its remaining Deepwater Horizon spill liabilities in full.
- BP’s Deepwater Horizon payables and provisions stood at $5.94 billion, according to company data.
- BP is expected to announce its first major strategy update under CEO Meg O’Neill on December 15.
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