BP has reported its highest third-quarter profits in nearly two decades, with underlying replacement cost profit surging to $8.46 billion—nearly quadrupling from the same period last year. The company attributed the sharp rise to soaring oil and gas prices, fueled in part by the ongoing conflict in the Middle East, which it described as a "banner quarter." Climate activists have expressed frustration over the windfall, highlighting the tension between fossil fuel profits and global sustainability efforts. The financial boost underscores the volatile impact of geopolitical events on energy markets.
Third-quarter underlying replacement cost profit rises to $8.46bn, angering climate campaignersBP’s profits have hit their highest level in almost two decades, as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading.The energy company hailed a “banner quarter” on Friday, with its underlying replacement cost profit – a key measure of its income – almost quadrupling to $8.46bn (£6.3bn), up from $2.2bn a year ago. Continue reading...
