BP profit nearly quadruples as Iran war drives oil prices

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BP reports soaring profits in ‘obscene’ sector haul amid oil price crisis independent.co.uk

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ExxonMobil and Chevron top Q3 estimates on higher prices and strong output – WTOP News wtop.com

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BP's preferred earnings measure nearly quadrupled to $8.46 billion in the third quarter, up from $2.21 billion a year earlier and far above forecasts. Shell reported underlying earnings of $10.81 billion, nearly double the $5.43 billion of a year ago. Exxon and Chevron both topped estimates on higher prices and record output.

The Strait of Hormuz remains closed and oil traded around $117 a barrel on Friday. BP has booked $17.4 billion in profit over the first nine months of the year and cut its debt by $8.4 billion in the quarter alone; Shell announced a further $5 billion in share buybacks before the end of the year. Global Witness calculates that Europe's six biggest oil firms have made $89 billion between them so far in 2026.

The companies point out that they are also the ones keeping fuel moving. BP chief executive Meg O'Neill said refineries have been running close to capacity to make up shortfalls, ships are taking longer routes, and releases from strategic reserves are bridging supply gaps. Exxon's US Gulf Coast refineries ran at 100 percent utilization, with diesel production the second-highest on record. Chevron set production records at its Eastern Mediterranean and Australian assets, and its results now include a month of Venezuelan production, with $7 billion of investment planned there over the next five years.

In Wednesday's budget, Chancellor John Healey left the sector's levies untouched despite calls to tap the profits to help pay for household energy support. Shell chief financial officer Sinead Gorman told reporters that "stable and predictable tax policy" was vital, noting a global tax rate of 39 percent, and urged approval of the Rosebank oil field, in which Shell holds a stake. The End Fuel Poverty Coalition's Simon Francis put the other side of the ledger: "Shell earns more in sixty seconds than most people in this country manage in twelve months."

Exxon raised its dividend and set a $20 billion buyback plan. A gallon of diesel costs $6.32, 71 percent more than a year ago.