BP has reported that its underlying replacement cost profits nearly quadrupled in the third quarter, reaching 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 company's earnings were far better than forecast, making it the latest oil giant to face criticism over what campaigners describe as "obscene" profits driven by soaring crude prices linked to the Iran war.
The results follow fellow oil major Shell, which on Thursday reported quarterly profits of 10.81 billion dollars (£8.06 billion). BP chief executive Meg O'Neill said the firm's refineries have been "running close to capacity" to help keep oil supplies flowing as the Middle East conflict has caused massive disruption to energy and fuel markets worldwide, with the vital Strait of Hormuz shipping route remaining closed.
Campaigners criticise oil firms amid energy crisis
Campaigners have criticised oil companies for cashing in on the crisis as households face another painful winter of sky-high energy costs. Oil prices have been sent surging by the Iran war, and were up 2% on Friday to 117 dollars a barrel as the crisis shows no sign of easing.
Campaign group Global Witness claims BP's bumper 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. Oil giants can and should pay much more for the damage they are doing to our planet," he added.
Calls for higher taxes on the sector
Calls are mounting for taxes on the sector to be increased, with no change to the levies paid by oil and gas firms announced in the Chancellor's budget on Wednesday. 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's results showed it has made 17.4 billion dollars (£13 billion) in the first nine months of the year so far. The profits leap has helped it lower debts, with another 8.4 billion dollars (£6.3 billion) reduction in the third quarter, leaving its debt pile at 13.9 billion dollars (£10.4 billion). Shares in the group rose 2% on Friday.
BP chief defends contribution
Ms O'Neill said: "These are dynamic times with volatility and disruption to trade flows continuing to define energy markets. The industry as a whole has been showing remarkable adaptability."
"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. I'm proud of the contribution BP is making to keep energy flowing," she said.
