BP quarterly profits soar to $8.2 billion amid renewed calls for

Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits.

The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and a net profit of $3.3 billion over the same period a year earlier.

Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.

The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.

It has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world.

U.S. President Joe Biden on Monday called on oil majors to stop “war profiteering” and threatened to pursue higher taxes if industry giants did not work to gas prices.

Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment.

Shares of BP are up over 45% year-to-date.