BP Posts Five-Year Profit High as Iran War Fuels Energy Windfall

BP posted its highest quarterly profit in at least five years on Friday, beating expectations as the Iran war boosted energy prices and refining margins, and said it would use the windfall to settle its remaining Deepwater Horizon liabilities.

The British oil major reported third-quarter underlying replacement cost profit, its version of net income, of $8.46 billion, compared with analysts' expectations of $7.33 billion in a company-provided poll and $2.2 billion a year earlier.

BP data showed it was the company's highest quarterly profit since at least 2021.

Operating cash flow came in at $14.8 billion, while net debt fell to $13.9 billion, allowing BP to reach its net debt target a year ahead of schedule.

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