London, Nov. 1, (PA Media/dpa/GNA) - Britain’s BP has revealed its profits more than doubled for the past three months amid ratcheting calls for stiffer windfall taxes for energy producers.
It came as BP confirmed it will be hit by the windfall tax on its UK operations this year, unlike rival Shell.
The London-listed oil giant reported that underlying replacement cost profits – a measure preferred by BP – surged to $8.2 billion for
the quarter to September, compared with $3.3 billion a year earlier.
It was significantly ahead of the $6.1 billion expected by market analysts.
Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.
In June, the cost of a barrel of Brent crude oil hovered at around $114 per barrel, but since early July the measure has rarely risen above the $100 line.
On Tuesday, a barrel of crude would set a buyer back around $94 dollars.
Energy prices are, however, still at elevated levels following the Russian invasion of Ukraine and therefore set to weigh heavily on household budgets over winter.
GNA
PDC
1 November, 2022