BP has reported its biggest quarterly profit since 2008, as the war involving Iran pushed up fuel prices and refining margins, The Guardian reports.
Underlying replacement cost profit, the company's preferred measure, rose to $8.46bn (£6.3bn) in the third quarter, up from $2.2bn a year earlier and ahead of analysts' forecasts of about $7.3bn. Chief executive Meg O'Neill described it as a "banner quarter" for refining, with BP earning close to $47 for every barrel of fuel it produced.
Diesel and petrol prices have hit record highs in the UK, Europe and the US because of disruption to refineries in the Gulf and Russia. Campaign groups Global Witness and Friends of the Earth criticised the windfall. BP said it would use surplus cash to settle its remaining liabilities from the 2010 Deepwater Horizon spill. Shell and TotalEnergies also reported strong results this week.
Source: The Guardian
