- BP’s underlying replacement cost profit rose to $8.46bn in the third quarter, from $2.2bn a year earlier.
- The result was the company’s strongest quarterly performance since 2008, when it reported $8.9bn.
- Climate campaigners criticised the company as households faced higher fuel costs and the industry prepared for the Cop31 climate summit.
BP has reported its highest quarterly earnings in 18 years, with profits surging as conflict in the Middle East and disruption to global energy supplies pushed up oil prices and refining margins.
The British energy giant recorded an underlying replacement cost profit of $8.46bn in the third quarter of 2026, almost four times the $2.2bn reported during the same period last year. The figure was its strongest since the $8.9bn recorded in 2008.
Chief executive Meg O’Neill described the period as a “banner quarter” for refining, pointing to particularly strong margins across BP-operated refineries.
The company benefited from refining margins of almost $47 per barrel, as disruption linked to the Middle East conflict and restrictions affecting Russian energy supplies tightened fuel markets.
The surge in earnings comes as motorists and households face higher energy costs. Average UK diesel prices reached 198.79p a litre, while petrol climbed to 172.92p, compared with 132.83p a litre in late February before the latest conflict.
Campaigners question energy windfall
BP’s results drew criticism from environmental groups, which argued that energy companies were benefiting from geopolitical instability while consumers and communities faced the consequences.
Jonathan Noronha-Gant of Global Witness described the profits as “obscene”, saying it was unacceptable for polluters to benefit from war and rising oil prices while civilians suffered.
Danny Gross of Friends of the Earth said BP was making money as households faced the prospect of a cold winter and high energy bills. He also criticised the company’s decision to strengthen its focus on oil and gas while reducing investment in renewable energy.
Clémence Dubois of 350.org said the climate crisis was already affecting communities through deadly heat, destroyed livelihoods and growing insecurity.
The criticism comes ahead of the Cop31 UN climate summit in Antalya, Turkey, where governments are expected to face renewed pressure to strengthen climate action.
Recent extreme weather events, including floods in Nepal, European heatwaves and wildfires, have added to concerns about the economic and human costs of climate change. Research cited in reports has estimated that heatwaves in European cities contributed to around 50,000 excess deaths this summer.
Oil and gas strategy under scrutiny
BP’s performance also highlights the financial benefits that traditional energy operations can deliver when supply disruptions push up prices and refining margins.
The company is weighing its next steps on the Rosebank oilfield in the North Sea, while the licence for its Jackdaw gasfield was approved earlier in October.
Other major energy companies have also reported stronger earnings. Shell and TotalEnergies recorded their highest profits since 2022, with refining gains contributing significantly to their results.
For BP, the latest figures could strengthen the case for maintaining investment in oil and gas at a time when energy security remains a priority for governments. However, the scale of the windfall is likely to intensify scrutiny over how the company balances shareholder returns, consumer costs and its climate commitments.
BP’s underlying replacement cost profit is an adjusted measure of earnings that excludes certain items, including changes in the value of inventories. It is not the same as statutory net profit.
