BP third-quarter underlying profit rises to $8.46 billion

BP reported third-quarter underlying replacement-cost profit of $8.46 billion, nearly four times the $2.21 billion recorded a year earlier, as the Iran war disrupted energy markets and lifted prices and refining margins. The company said the result was its highest quarterly profit since at least 2021 and exceeded analysts’ expectations. The figures cover the three months ended September 30. BP’s $8.46 billion figure is its preferred underlying earnings measure. Separately, the company reported statutory profit after tax of $4.70 billion, compared with $1.16 billion in the third quarter of 2025. The two amounts reflect different accounting measures. BP also reported operating cash flow of $14.8 billion. Net debt fell by about $8.4 billion during the quarter, from $22.25 billion at the end of the previous quarter to $13.9 billion. The company reached its net-debt target a year ahead of schedule, according to its results. Chief Executive Meg O’Neill said stronger refining margins, gas marketing and trading, and improved operating performance contributed to the quarter’s result. BP said its refineries were running at high capacity as conflict in the Middle East disrupted supplies...