BP posts $3.3 billion third-quarter profit, beating estimates as oil prices surge

Oil and gas giant BP beat third-quarter earnings expectations on Tuesday, fueled by surging energy prices.

The British energy major posted an underlying replacement cost profit, a proxy for net profit, of $3.3 billion for the third quarter, above analyst estimates of $3.1 billion, according to Refinitiv.

This was driven by “higher oil and gas realizations, higher refining availability and throughput enabling the capture of a stronger environment and a stronger gas marketing and trading result, partly offset by a higher underlying tax charge,” according to the company’s earnings report.

This compares to $2.8 billion in the previous quarter and $100 million for the same period in 2020.

This is a breaking news story and will be updated shortly.