BP Q3 profit jumps to $8.5 billion as refining margins surge

BP posted $8.5 billion in underlying replacement cost profit for the third quarter, nearly four times the $2.2 billion it earned a year earlier and well above the $6.191 billion analysts expected. The oil major said stronger gas and marketing trading and much higher realized refining margins drove the gain as volatile energy markets tightened fuel supplies. Operating cash flow reached $28.55 billion in the first nine months of 2026, up from $16.89 billion a year earlier, while net debt dropped to $13.87 billion from $26.05 billion over the same period. BP also said refining indicator margins hit $46.7 a barrel in the quarter, though it expects margins to ease in the fourth quarter as seasonal demand cools.