bp joins Shell in posting huge quarterly profits
Huge natural gas trading has resulted in bp recording quarterly profits of £7.1 billion (€8.2 billion).
The ongoing war in Ukraine saw the oil and gas major register huge third quarter profits compared to €3.3 billion in the same period a year earlier.
The company credited an "exceptional gas marketing and trading result" on the back of higher prices caused by the fallout from Russia's war in Ukraine.
BP said that they offset weaker refining margins and "average" oil trading.
The company posted its latest numbers just days after UK-listed rival Shell, which declared the company was ready to face higher taxes on its earnings and had been working constructively with the UK's Treasury on the issue.
A spokesman said: “This quarter’s results reflect us continuing to perform while transforming. 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. Our agreement on Archaea Energy is the most recent step in our strategic transformation of bp.”
The ongoing war in Ukraine saw the oil and gas major register huge third quarter profits compared to €3.3 billion in the same period a year earlier.
The company credited an "exceptional gas marketing and trading result" on the back of higher prices caused by the fallout from Russia's war in Ukraine.
BP said that they offset weaker refining margins and "average" oil trading.
The company posted its latest numbers just days after UK-listed rival Shell, which declared the company was ready to face higher taxes on its earnings and had been working constructively with the UK's Treasury on the issue.
A spokesman said: “This quarter’s results reflect us continuing to perform while transforming. 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. Our agreement on Archaea Energy is the most recent step in our strategic transformation of bp.”
