BP rakes in quarterly profit of $8.2 billion as oil majors post another round of

Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits, supported by high commodity prices and robust gas marketing and trading.

The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion.

Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.

BP also announced another $2.5 billion in share repurchases.

The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.

It has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world.

U.S. President Joe Biden on Monday called on oil majors to stop “war profiteering” and threatened to pursue higher taxes if industry giants did not work to cut gas prices.

Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment.

“This quarter’s results reflect us continuing to perform while transforming,” BP CEO Bernard Looney said in a statement.

“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,” Looney said.

Shares of BP are up over 45% year-to-date.