BP Posts 18-Year Profit High as Middle East War Boosts Oil Prices
BP's quarterly profit nearly quadrupled to $8.46bn, the highest since 2008, driven by elevated oil prices tied to the Middle East conflict.
BP reported quarterly profits of $8.46 billion on Friday, the highest figure the British oil giant has posted in 18 years, as ongoing conflict in the Middle East pushed oil and gas prices sharply higher. The result drew immediate criticism from climate and humanitarian advocates who called the earnings "obscene" at a time when, in their words, "innocent civilians suffer."
The company's underlying replacement cost profit — a closely watched measure of core income — nearly quadrupled compared with the same three-month period a year earlier, when BP recorded $2.2 billion. The surge marked the strongest quarterly performance for BP since it logged $8.9 billion in 2008, during the last major commodity price spike.
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BP described the July-through-September period as a "banner quarter," crediting improved oil refining margins alongside elevated commodity prices. Analysts noted that refining margins tend to benefit from supply uncertainty, a dynamic that has been in play since hostilities escalated across the Middle East region, tightening global energy markets.
Climate campaigners argued the windfall underscores the need for tougher taxation of fossil fuel companies and faster investment in renewable alternatives. The record profits are likely to reignite the political debate in the UK over windfall taxes on energy producers, a measure that has already been applied to North Sea operators in recent years.
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