BP reported on October 30, 2026 a quarterly profit of $8.46 billion, nearly four times the $2.2 billion of the same period in 2025 and its best result in 18 years, driven by refining margins that nearly tripled. The figure beat the $7.3 billion analysts had expected.
The jump is not isolated. Shell and TotalEnergies also reported their best results since 2022 through the same channel, according to The Guardian. Behind it is the spread between the cost of crude and the price of refined fuels, which widened because of disruptions at refineries in the Gulf and in Russia. In the United Kingdom, Europe and the United States, pump prices for diesel and gasoline reached record highs in recent months, the report adds. For Mexico the mechanism matters because the country buys abroad a significant share of the gasoline it consumes: a high refining margin makes that imported barrel more expensive and pressures the cost that reaches terminals and service stations.
BP's refining marker margin reached $46.7 per barrel, versus $29.6 in the second quarter and $15.8 a year earlier, according to CNBC. The company generated $14.8 billion in operating cash flow and cut its net debt to $13.9 billion, from $22.3 billion in the previous quarter. It is holding the dividend at 8.66 cents per share with no new buybacks, recorded $4 billion in impairments on transition businesses and is keeping the sale of North Sea assets on track, valued at up to 2.5 billion pounds. Chief executive Meg O'Neill attributed the result to the industry's adaptability: refineries ran near capacity and maritime trade took longer routes.
BP itself expects refining margins to stay elevated in the fourth quarter, though sensitive to supply costs. On December 15 it will present its first strategic update under O'Neill, in which the market expects to learn its production plans and the eventual return of buybacks.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.