Toggle Daily
The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008
October 30, 2026
The Guardian reports that the jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.
The Guardian reports that BP’s profits have hit their highest level in almost two decades, as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading. According to Financial Times, on Friday, BP said its net debt had fallen to $13.9bn and that it had also met its cost-reduction targets, adding that it would now focus on paying off its remaining liabilities from the Deepwater Horizon disaster. In 2008, BP reported a $10bn profit using different accounting measures.
The Guardian reports that the jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008.
The Guardian reports that BP’s profits have hit their highest level in almost two decades, as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading. According to Financial Times, on Friday, BP said its net debt had fallen to $13.9bn and that it had also met its cost-reduction targets, adding that it would now focus on paying off its remaining liabilities from the Deepwater Horizon disaster. In 2008, BP reported a $10bn profit using different accounting measures. According to The Guardian, Danny Gross said, “As millions of households brace themselves for a cold winter huddling under blankets and clutching hot-water bottles as they struggle to pay their bills, BP is raking in huge profits while doubling down on gas and oil production and slashing investment in renewables.” The Guardian reports that part of BP’s reorganisation has included plans to sell off its UK oil and gas assets in the North Sea in a deal that could be worth between £2bn and £2.5bn. According to CNBC, BP CEO O'Neill told CNBC's "Squawk Box Europe" on Friday that BP's refining indicator margin for the quarter of $46.7 a barrel was "incredibly strong" and "indicative of demand for the products we produce," boosted by refining reliability of over 96%. "We've been able to adapt and try to adjust our refining runs to meet... the needs for the product that is most in demand," she said. The US-Israeli war on Iran has boosted profits for oil majors, leading to questions over how they will allocate the extra cash, The Guardian reports. The Guardian reports that North Sea companies such as Neo Next+, Ithaca Energy and Adura – the joint venture behind the Jackdaw and Rosebank fossil fuel developments – have all been named as potential suitors in a deal.
Still developing
The Guardian reports that part of BP’s reorganisation has included plans to sell off its UK oil and gas assets in the North Sea in a deal that could be worth between £2bn and £2.5bn. The Guardian reports that the US-Israeli war on Iran has boosted profits for oil majors, leading to questions over how they will allocate the extra cash. The Guardian reports that North Sea companies such as Neo Next+, Ithaca Energy and Adura – the joint venture behind the Jackdaw and Rosebank fossil fuel developments – have all been named as potential suitors in a deal.
How settled the reporting is
Sources
- CNBC — BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surge
- The Guardian — BP profits hit 18-year high as Iran war drives up oil refining margins
- Financial Times — BP’s profits surge to record on high fuel prices
Toggle read the full reports of 3 of the 5 outlets counted on this event. The other 2 are counted from their headlines and opening sentences.