Oil major BP has reported an $8.46bn (£6.3bn) profit for the third quarter of 2026, almost four times what it made in the same period last year, and the highest return the company has seen in almost two decades.
BP concedes that much of this performance was down to “the global macro environment”, hinting that while the Iranian conflict has squeezed motorists, the oil major has benefited from surging wholesale prices – though the firm said its “improved operational performance” also contributed to its bumper result.
The company’s chief executive, Meg O’Neil, told Bloomberg TV that July, August and September comprised a “banner quarter”, and said BP was able to “capture the opportunity provided by the market”.
Profits were largely driven by BP’s refining operations, which saw it make $46.70 (£35) on every barrel of oil it produced in July, August and September, up from $29 in the previous three months, and almost triple the $15.80 profit it made over the same period in 2025.
The company refined around 1.4m barrels of oil a day in the quarter just gone, with its facilities running at “close to capacity”.
