Oil major BP smashed third-quarter expectations on Friday, as volatile energy markets and high refining margins saw profits nearly quadruple year-on-year.
The company reported $8.5 billion in underlying replacement cost profit, used as a proxy for net profit. That was above the $6.191 billion forecast by analysts in an LSEG-compiled consensus and up from $2.2 billion a year ago .
The result primarily reflects better performance in gas and marketing trading, and "significantly higher" realized refining margins, BP said.
Rivals Shell and TotalEnergies on Thursday said their refining margins — the amount earned from processing crude oil into products like diesel and gasoline — hit record levels .
Outages and damage to refineries from global conflicts, from Ukraine to the Middle East, have created tightness in global fuel markets this year, pushing product prices higher relative to crude .
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