BP profits soar in 3Q as pressure increases for windfall tax
BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine
LONDON (AP) — BP’s earnings more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.
Underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $8.15 billion from $3.32 billion in the same period last year, BP said Tuesday. The company also announced plans to reward shareholders, buying back another $2.5 billion of stock.
Soaring earnings at British energy companies are fueling calls for the government to expand a tax on their windfall profits as Prime Minister Rishi Sunak struggles to close an estimated 40 billion-pound ($46 billion) hole in the budget. BP rival Shell last week said third-quarter earnings more than doubled to $9.45 billion.
