BP earnings reached $8.5 billion in the third quarter of 2026, nearly quadrupling from a year earlier as stronger trading and higher refining margins helped the oil major beat analysts’ expectations.

BP earnings beat forecasts

The company reported underlying replacement cost profit of $8.5 billion on October 30, up from $2.2 billion in the third quarter of 2025. Analysts had forecast $6.191 billion in a consensus compiled by LSEG.

Underlying replacement cost profit is a measure used as a proxy for net profit. BP said the result primarily reflected better performance in gas and marketing trading and significantly higher realized refining margins.

Refining margins strengthen across the industry

Refining margins reflect what companies earn from processing crude oil into products such as gasoline and diesel. Rivals Shell and TotalEnergies said on October 29 that their refining margins had reached record levels.

The U.S. Energy Information Administration’s explanation of refinery crack spreads describes a measure that compares petroleum-product spot prices with a crude oil benchmark.

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