BP rakes in quarterly net profit of $8.2 billion after price surge

BP’s natural gas division racked up an ‘exceptional’ third quarter, with sales more than tripling after prices for the fuel soared in Europe.

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion.

The result helped BP post its second-highest quarterly profit on record.

London-based BP joins rivals including Shell, ExxonMobil and TotalEnergies that also saw the sector pay out a record $29 billion to shareholders.

BP said it expects to pay around $2.5 billion in taxes on its British North Sea business this year, including $800 million in a 25 per cent windfall tax the government imposed in May. 

BP expects global gas prices to “remain elevated and volatile” in the fourth quarter as low supply continues, where the outlook is heavily dependent on Russian pipeline flows or other supply disruptions.

Aramco logs $42-bn profit on costly oil
 

Saudi Arabian state oil producer Aramco beat forecasts on Tuesday with a 39 per cent jump in third-quarter net income and reported record free cash flows, joining rivals in benefiting from higher prices and robust demand.
 

Aramco’s net income rose to $42.4 billion for the three months to September 30 from $30.4 billion a year earlier, it said in a regulatory filing. 
 

The Saudi Arabian state-controlled firm kept its dividend —  the world’s largest —  unchanged at $18.8 billion for the third quarter, despite generating record free cashflow of $45 billion.
 

The oil giant reported its second-highest earnings though its refined fuels and chemicals business was hit by the global economic slowdown.
 

“While global crude oil prices during this period were affected by continued economic uncertainty, our long-term view is that oil demand will continue to grow for the rest of the decade.” Aramco Chief Executive Officer Amin H Nasser said in a statement.