BP Plc reported its highest profit in 18 years, driven by soaring refining margins and a sharp drop in net debt. Adjusted net income reached $8.46 billion, up from $2.21 billion a year earlier, with more than half the profit coming from the refining and trading unit. CEO Meg O’Neill, in her second full quarter, emphasized strong operational performance and the ability to capitalize on market opportunities.
Net debt fell to $13.87 billion from $22.3 billion, surpassing the company’s target a year early. This improvement frees BP to consider restarting share buybacks, which were suspended earlier this year. The refining boom, fueled by disruptions from wars involving Iran and Russia, has boosted margins across the industry.
BP’s refining margin indicator surged to $46.70 a barrel, up from $29.60. Rivals like Shell, TotalEnergies, and Eni have also increased payouts. BP beat analyst estimates of $7.3 billion, with strong performance across upstream, downstream, and trading divisions.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing