BP's underlying replacement cost profits nearly quadrupled to 8.46 billion US dollars (£6.31 billion) in the three months to September 30, up from 2.21 billion dollars (£1.65 billion) a year earlier, the FTSE 100 firm said. The results significantly exceeded forecasts and came days after rival Shell reported quarterly profits of 10.81 billion dollars (£8.06 billion). The surge reflects soaring crude prices triggered by the Iran war, with oil reaching 117 dollars a barrel on Friday, up 2% on the day.
BP chief executive Meg O'Neill said the company's refineries had been operating at close to full capacity to maintain oil supplies as the Middle East conflict disrupted energy markets worldwide. The vital Strait of Hormuz shipping route has remained closed, forcing ships to take longer alternative routes. Ms O'Neill said: "These are dynamic times with volatility and disruption to trade flows continuing to define energy markets. Refineries have been running close to capacity to make up for shortfalls, shipping has been taking different and longer routes, and releases from strategic and commercial reserves are helping to bridge supply gaps."
The bumper earnings have intensified criticism from campaign groups. Global Witness said BP's profits take the total from Europe's six biggest oil firms to 89 billion dollars (£66.4 billion) so far in 2026. Jonathan Noronha-Gant from Global Witness said: "It is obscene that polluters are continuing to cash in on the fallout of the war in Iran, making more bumper profits from spiralling oil prices while innocent civilians suffer. These massive profits come as ordinary people across Europe are struggling with the rising cost of living, with many struggling to afford to heat their homes as winter arrives."
Campaigners are calling for higher taxes on the oil sector, noting that the Chancellor's budget on Wednesday included no changes to levies paid by oil and gas firms. Danny Gross, a climate campaigner at Friends of the Earth, said: "The Government must make energy affordable for everyone by removing the hidden taxes on electricity bills and forcing the worst climate offenders like BP to pay their fair share for the damage they cause to fund a faster, fairer transition to cheap, clean energy."
BP said its profits for the first nine months of 2026 reached 17.4 billion dollars (£13 billion). The company used its bumper earnings to reduce debts, cutting its debt pile by 8.4 billion dollars (£6.3 billion) in the third quarter alone, leaving total debt at 13.9 billion dollars (£10.4 billion).