Energy giant BP has reported quarterly profits reaching an 18-year high of $8.46bn (£6.3bn), driven by rising oil and gas prices connected to the war in the Middle East. Climate campaigners have criticized the massive earnings, labeling them obscene while ordinary people struggle with living costs and environmental damage intensifies.
Record Profits and Refining Margins
BP announced a banner quarter on Friday, revealing that its underlying replacement cost profit almost quadrupled during the three months leading to the end of September, compared to $2.2bn during the same period in the previous year. This surge represents the highest quarterly profit for the company since it recorded $8.9bn in 2008. BP chief executive Meg O’Neill told Bloomberg TV that the results stemmed from a strong refining business, excellent underlying performance, and the ability to capture market opportunities.
The company’s earnings were significantly boosted by higher profits within the oil refining sector, as the price gap between crude oil and refined fuels like diesel and gasoline widened to nearly $47 per barrel produced. This financial windfall for BP follows similar announcements from rival energy firms Shell and France’s TotalEnergies, both of which reported their strongest profits since 2022 due to lucrative refining operations.
At the same time, motorists in the UK are facing high fuel costs, with diesel reaching 198.79p a litre and petrol averaging 172.92p a litre according to RAC estimates. Although global oil prices stayed below 2022 peaks, pump prices hit all-time highs across the UK, Europe, and the US due to major refinery disruptions in the Gulf region and Russia.
Campaigner Backlash and Climate Concerns
Environmental groups strongly condemned the earnings report. Jonathan Noronha-Gant of Global Witness told World News | The Guardian (theguardian.com) that it was obscene for polluters to cash in on the fallout from the conflict while civilians suffer and European households struggle with energy bills as winter approaches. Danny Gross of Friends of the Earth criticized BP for raking in massive profits while doubling down on fossil fuel production and reducing investments in renewable energy.
The financial results arrive shortly before diplomats gather in Antalya, Turkey, for the Cop31 UN climate summit, where recent climate-linked disasters like severe floods in Nepal will be a primary focus. Tensions are anticipated with fossil fuel-producing nations that have resisted calls for a clean energy transition. Clémence Dubois, head of global campaigns at 350.org, stated that the climate crisis is an immediate threat destroying lives and forcing governments to spend money protecting populations while fossil fuel companies generate extraordinary profits.
These developments unfold as UK energy secretary Miatta Fahnbulleh considers permitting drilling in the North Sea’s Rosebank oilfield, following an earlier October approval for the Jackdaw gasfield licence.
