BP lifts profit to 18-year high

Energy giant BP announced that its adjusted net profit reached $8.46 billion, marking an 18-year high as promised by the headline, revealing record profit figures and details. The company surpassed Bloomberg analyst estimates while reducing its net debt to $13.87 billion.

London-based energy company BP announced that its adjusted net profit rose to $8.46 billion from $2.21 billion in the same period of the previous year, reaching the 18-year high stated in the headline. This result exceeded the average analyst estimate of $7.3 billion compiled by Bloomberg.

More than half of the profit was generated by the unit encompassing oil refining and trading activities. The company's refining margin indicator rose from $29.60 in the previous period to $46.70 per barrel this quarter. The Customers and Products division, which houses oil trading and refining activities, generated $4.8 billion in profit this quarter.

Wars in Iran and Russia disrupted refineries and trade routes, restricting global capacity to convert crude oil into diesel, gasoline, and jet fuel; this situation brought high profits to the remaining operational facilities. In a Bloomberg TV interview, BP CEO Meg O'Neill stated that they had an extraordinary quarter for the refining business and capitalized on market opportunities.

The company's net debt fell from $22.3 billion three quarters ago to $13.87 billion, exceeding its target a year ahead of schedule. Having suspended share buybacks at the beginning of the year due to debt repayment priority, BP made no new statement on the matter, whereas competitors such as Shell, TotalEnergies, Repsol, and Eni SpA increased their buyback programs.