BP posts $8.46bn profit, beats forecasts amid Middle East conflict
BP just posted a massive $8.46 billion profit for the last quarter, way up from $2.2 billion a year ago, mainly because oil and gas prices have spiked during the Middle East conflict.
This number even beat analysts' expectations of $7.33 billion, and it's all thanks to strong trading and high refining margins.
BP set to clear spill liabilities
With this profit boost, BP plans to pay off nearly $6 billion in old spill-related costs.
The company is also gearing up for a big announcement on December 15 about its future direction under CEO Meg O'Neill, possibly focusing more on oil and gas production and bringing back share buybacks.
These gains are in line with what other energy giants like Shell and TotalEnergies are seeing, especially as diesel prices have soared to all-time highs across the UK, Europe, and the US in recent months because of severe disruptions to refineries in the Gulf region and across Russia.