BP’s third-quarter profit nearly quadruples to $8.5 billion as refining margins surge

What happened: BP reported third-quarter profit that nearly quadrupled to $8.5 billion, driven by surging refining margins, and beat profit expectations as global conflicts continued to drive energy market volatility. Key numbers: Third-quarter profit of $8.5 billion, nearly quadruple the prior year. Why it matters: BP was the latest oil major to smash profit expectations, a sign that energy market volatility tied to global conflicts is lifting sector earnings. Coverage: 3 outlets in 24h

BP reported third-quarter profit that nearly quadrupled to $8.5 billion, driven by surging refining margins, and beat profit expectations as global conflicts continued to drive energy market volatility.

BP was the latest oil major to smash profit expectations, a sign that energy market volatility tied to global conflicts is lifting sector earnings.