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Back|BP posts $8.5 billion third-quarter profit as oil prices soar
BP posts $8.5 billion third-quarter profit as oil prices soar
NEWS
CNBC World·3 hours ago·Business·1 min read

BP posts $8.5 billion third-quarter profit as oil prices soar

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BP reported third-quarter underlying replacement cost profit of $8.5 billion, nearly quadrupling year-on-year and beating analyst forecasts due to volatile energy markets and high refining margins.

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Why It Matters

BP reported $8.5 billion in underlying replacement cost profit, up from $2.2 billion a year ago.

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BP smashed third-quarter expectations on Friday, as volatile energy markets and high refining margins saw profits nearly quadruple year-on-year.

The company reported $8.5 billion in underlying replacement cost profit, used as a proxy for net profit. That was above the $6.191 billion forecast by analysts in an LSEG-compiled consensus and up from $2.2 billion a year ago.

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  • ?How will BP allocate the excess profits?

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This article was originally published by CNBC World.

Quick Look

BP reported third-quarter underlying replacement cost profit of $8.5 billion, nearly quadrupling year-on-year and beating analyst forecasts due to volatile energy markets and high refining margins.

AI-generated summary

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News tone
Positive
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High
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Moderate
Global impact
Global
Follow-up likelihood
Likely
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Days

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Source
CNBC World
Story type
Hard news
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Full
Published
3 hours ago

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