BP third quarter profit nearly quadruples to 8.46 billion dollars

BP reported third quarter underlying replacement cost profit of 8.46 billion dollars, up from 2.2 billion a year earlier and above the 7.33 billion dollar company compiled consensus, on significantly higher realised refining margins and a stronger gas and marketing trading result.

Why it matters: BP joins Shell and TotalEnergies in reporting refining driven profit surges as refinery damage and outages from the Middle East and Russia Ukraine wars keep fuel prices at decade high premiums over crude, and the cash is going to the balance sheet: net debt fell 8.4 billion dollars in the quarter to 13.9 billion, meeting BP's reduction target a year early.

Data as of BP's third quarter results as reported on October 30, 2026 by Reuters (profit, the 7.33 billion dollar company compiled consensus, quarterly operating cash flow, net debt and the Deepwater Horizon provision), CNBC (the 46.7 dollar refining indicator margin, refining reliability above 96 percent, and chief executive Meg O'Neill's expectation of softer fourth quarter refining margins) and The Guardian, each read in full in this run. CNBC separately cited a lower 6.19 billion dollar LSEG compiled consensus; the company compiled poll is used here. BP's own results release was not read directly in this run. Developing item.

BP reported third quarter underlying replacement cost profit of 8.46 billion dollars, nearly four times the 2.2 billion dollars of a year earlier and above the 7.33 billion dollars expected in a company compiled poll of analysts, Reuters reported. The jump came mainly from significantly higher realised refining margins and a significantly higher gas and marketing trading result. Chief executive Meg O’Neill put BP’s third quarter refining indicator margin at 46.7 dollars a barrel, with refining reliability above 96 percent, and said she expects refining margins to soften somewhat in the fourth quarter as seasonal demand falls, CNBC reported.

Operating cash flow was 14.8 billion dollars in the quarter, and BP cut net debt by 8.4 billion dollars to 13.9 billion dollars, meeting its net debt reduction target a year early, Reuters reported. BP said it would use the excess cash flow from the earnings to address in full its remaining Deepwater Horizon liabilities, where payables and provisions stood at 5.94 billion dollars. The profit follows the same pattern as Shell and TotalEnergies on Thursday: refinery outages and damage across the Gulf region and Russia have tightened fuel markets and pushed the premium of refined products over crude to decade highs.

BP third quarter profit nearly quadruples to 8.46 billion dollars

Sources