British energy giant BP said its adjusted profit for the third quarter of this year jumped nearly 300% year-on-year to $8.5 billion, the company’s highest quarterly result since 2022.
According to BP’s financial report, the company’s adjusted profit for the third quarter came in at $8.5 billion, up from just $2.2 billion in the same period last year — a rise of roughly 300%.
The report said an energy supply crisis stemming from the ongoing military conflict in the Middle East pushed up oil and gas prices, while wider profit margins also boosted the result.
For the nine months from January to September, BP’s total profit reached $17.4 billion, compared with $5.94 billion over the same period last year.
Operating cash flow climbs
BP Chief Executive Officer Meg O’Neill said energy markets continue to face volatility and disruption. She noted the industry has shown strong adaptability to shifting conditions, with refineries running at near-full capacity and shipping rerouted onto different, longer routes.
O’Neill said high prices and wider margins, combined with improved performance across the company, underpinned the strong financial results. She said cash flow from operations rose to $14.8 billion, which helped cut net debt by $8.4 billion.
She added that BP has delivered on its plans to reduce net debt and structural costs, and has a clear strategy to reach the remaining two of its four key financial targets set for 2027.
