Oil 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. Operating cash flow hit $28.55 billion across the first nine months of the year, up from $16.89 billion in 2025, while net debt fell to $13.87 billion from $26.05 billion across the same period.
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