Business & Finance
BP third-quarter profit rises to $8.46bn on higher refining margins
BP says significantly higher refining margins and gas and marketing trading drove the increase, above analysts' expected $7.33bn.
The short version
- BP reported third-quarter underlying replacement cost profit of $8.46bn, up from $2.2bn a year earlier.[The Guardian]
- BP said the jump mainly reflected higher realized refining margins and a higher gas and marketing trading result, while analysts had expected $7.33bn.[The Guardian]
- BP said it will use excess cashflow to fully address remaining Deepwater Horizon spill liabilities, which BP data put at $5.94bn.[The Guardian]
- Friends of the Earth's Danny Gross criticized the profit increase while many households struggle with energy bills.[The Guardian]
Key facts
- BP reported third-quarter underlying replacement cost profit of $8.46bn, up from $2.2bn a year earlier.[The Guardian]
- Analysts had expected BP profits of $7.33bn.[The Guardian]
- BP said the profit increase mainly reflected significantly higher realized refining margins and a significantly higher gas and marketing trading result.[The Guardian]
- BP said it would use excess cashflow to address remaining Deepwater Horizon spill liabilities in full, with related payables and provisions standing at $5.94bn according to BP data.[The Guardian]
- Chevron reported that its downstream earnings more than quadrupled from a year earlier to $4.9 billion, citing higher refined-product margins.[CNBC]
What remains uncertain
- The drivers of BP's profit increase are the company's own explanation; the reporting does not independently quantify them.[The Guardian]
- Friends of the Earth's criticism of the profit is an advocacy opinion, not an independently verified finding.[The Guardian]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.