BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surge

A customer fills up a vehicle with fuel at a BP Plc petrol station in London, UK, on Monday, Aug. 4, 2025.Bloomberg | Bloomberg | Getty ImagesOil 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 historically high 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. This is breaking news. Please refresh for updates.