BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices.
The energy company hailed a “banner quarter” on Friday, with its underlying replacement cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period a year ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.
BP’s chief executive, Meg O’Neill, told Bloomberg TV: “It really was a banner quarter for the refining business. We had very strong margins from the BP-operated refineries, we also had very strong underlying performance. We were able to capture the opportunity provided by the market.”
The energy company hailed a “banner quarter” on Friday, with its underlying replacement cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period a year ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.
BP’s chief executive, Meg O’Neill, told Bloomberg TV: “It really was a banner quarter for the refining business. We had very strong margins from the BP-operated refineries, we also had very strong underlying performance. We were able to capture the opportunity provided by the market.”
