BP nearly quadruples profit amid high refining margins
BP's underlying profit reached a record $8.6 billion for Q3 2026
In its Q3 2026 report, BP attributed the growth in results to higher refining margins and income from gas trading and marketing. The company's average refining margin increased to $46.7 per barrel. BP expects that in the fourth quarter, it will remain high and depend on supply costs and market conditions.
Operating cash flow for the quarter doubled compared to the previous year. This allowed the company to accelerate balance sheet strengthening and reduce net debt to $13.9 billion from $22.2 billion three months earlier.
BP suspended share buybacks to focus on debt reduction and did not increase shareholder payouts. BP CEO Meg O’Neill stated that the company has achieved its goals for reducing net debt and structural costs and sees an opportunity to meet two more of the four key financial targets set for 2027.
