BP profits soar 258% by September with rising oil prices

BP reported a record net profit of $12.4 billion for the first nine months of the year, a 258% increase driven by rising oil prices due to Middle Eastern tensions. The company's pre-tax profit reached $23.8 billion, up 157% year-on-year, while total revenues grew by 33.5% to $193.4 billion. Operational costs also rose, with production expenses increasing by 33% and exploration costs by 45.4%. However, BP's net debt improved significantly, decreasing to $13.9 billion from $26.1 billion a year earlier. CEO Meg O’Neill noted that global energy markets are affected by volatility and disruptions, with refining units operating near maximum capacity to address supply shortages.