BP profits jump as Middle East conflict drives up oil refining margins
Third-quarter underlying replacement cost profit rises to $8.46bn, up from $2.2bn a year ago
TL;DR
- BP's third-quarter profits jumped to $8.46 billion, significantly up from $2.2 billion a year ago.
- The profit increase was mainly due to higher realized refining margins and improved gas and marketing trading results.
- Soaring fuel prices, driven by refinery disruptions and the Middle East conflict, bolstered BP's earnings.
- Climate campaigners criticized BP's profit surge, contrasting it with household struggles and BP's continued investment in fossil fuels.
- BP plans to use excess cashflow to cover remaining liabilities from the 2010 Deepwater Horizon oil spill.