By Salma El-Sakka
BP reported underlying replacement cost profits of $8.46 billion (£6.31 billion) for the third quarter of 2026, nearly quadrupling the $2.21 billion (£1.65 billion) recorded a year earlier. The surge comes as crude prices have soared due to the Iran war, with Brent crude rising 2% to $117 a barrel on Friday.
Profits Surge as Oil Prices Soar
The FTSE 100 company said its refineries have been running close to capacity to keep supplies flowing while the Strait of Hormuz shipping route remains closed. BP's earnings far exceeded forecasts and follow Shell's report on Thursday of quarterly profits of $10.81 billion (£8.06 billion). Chief executive Meg O'Neill said the industry has shown remarkable adaptability, with refineries making up for shortfalls and strategic reserves bridging supply gaps.
Campaigners Condemn 'Obscene' Profits
Global Witness said the combined profits of Europe's six largest oil firms have reached $89 billion (£66.4 billion) so far in 2026. Jonathan Noronha-Gant from the group called it obscene that polluters are cashing in on the Iran war while civilians suffer and households face sky-high energy costs this winter. Friends of the Earth climate campaigner Danny Gross urged the government to force firms like BP to pay their fair share for climate damage.
Calls for Higher Taxes on Oil Giants
Pressure is mounting for increased sector taxes after the Chancellor's budget on Wednesday announced no change to levies on oil and gas companies. Campaigners argue that higher taxes could fund a faster transition to cheap, clean energy and make electricity more affordable.
BP Reduces Debt, Shares Rise
BP has made $17.4 billion (£13 billion) in the first nine months of 2026. The profit jump helped cut debt by another $8.4 billion (£6.3 billion) in the third quarter, leaving total debt at $13.9 billion (£10.4 billion). Shares in the group rose 2% on Friday.
