BP rakes in quarterly revenue of $8.2 billion as oil majors publish one other spherical of bumper earnings

Oil and gasoline big BP on Tuesday reported stronger-than-expected third-quarter income, supported by excessive commodity costs and sturdy gasoline advertising and marketing and buying and selling.

The British power main posted underlying alternative price revenue, used as a proxy for internet revenue, of $8.2 billion for the three months via to the tip of September. That in contrast with $8.5 billion within the earlier quarter and marked a big improve from a yr earlier, when internet revenue got here in at $3.3 billion.

Analysts polled by Refinitiv had anticipated third-quarter internet revenue of $6 billion.

BP additionally introduced one other $2.5 billion in share repurchases.

The world’s largest oil and gasoline majors have reported bumper earnings in latest months, benefitting from surging commodity costs following Russia’s invasion of Ukraine.

It has renewed requires larger taxes on report oil firm income, significantly at a time when surging gasoline and gas costs have boosted inflation world wide.

U.S. President Joe Biden on Monday referred to as on oil majors to cease “battle profiteering” and threatened to pursue larger taxes if trade giants didn’t work to chop gasoline costs.

Oil and gasoline trade teams have beforehand condemned requires a windfall tax, warning it could fail to resolve a pointy upswing in power costs and will in the end deter funding.

“This quarter’s outcomes replicate us persevering with to carry out whereas remodeling,” BP CEO Bernard Looney stated in a press release.

“We stay centered on serving to to unravel the power trilemma – safe, reasonably priced and decrease carbon power. We’re offering the oil and gasoline the world wants right this moment – whereas on the identical time – investing to speed up the power transition,” Looney stated.

Shares of BP are up over 45% year-to-date.