Oil and gas major British Petroleum (BP) has reported a third-quarter profit of $8.2 billion U.S.
as it continues to ramp up production while commodity prices remain elevated.
The $8.2 billion U.S. profit for the three months ended September 30 compares to an $8.5
billion U.S. profit in the previous quarter and is an increase from a year earlier when BP’s profit
came in at $3.3 billion U.S.
Analysts polled by Refinitiv had forecast a third-quarter net profit of $6 billion U.S. for BP.
During a conference call with analysts, BP announced $2.5 billion U.S. in stock buybacks and
said it lowered its net debt to $22 billion U.S. from $22.8 billion U.S. in the second quarter.
The world’s biggest oil and gas companies have reported record earnings this year due to
surging commodity prices.
Combined with BP, oil majors Shell (SHEL), TotalEnergies (TTE), Exxon (XOM) and Chevron
(CVX) have posted third-quarter profits totaling nearly $50 billion U.S.
BP’s stock is up 22% this year and trading at $33.28 U.S. per share.
