BP Group reported a surge in quarterly profits on Tuesday, well ahead of City expectations, after Russia’s invasion of Ukraine pushed oil and gas prices to historic highs.
BP said third-quarter underlying replacement cost profits had come in at $8.15bn, compared to $3.32bn a year earlier, while total revenues and other income soared to $57.81bn from $37.87bn in 2021.
Analysts had been expecting pre-tax profits to be closer to $6.1bn.
Profits were down slightly on the third quarter, however, when they came in at $8.45bn, following an easing in the oil price.
BP also announced it would return a further $2.5bn to investors through a share buyback, while the quarterly dividend was increased to 6 cents per share from 5.5 cents a year previously.
Bernard Looney, chief executive, said: “This quarter’s results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma: secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today while at the same time investing to accelerate the energy transition.”
The oil giant added that it expected to pay around $2.5bn in taxes for its UK North Sea business this year.
