BP profit nearly quadruples to $8.5bn as refining margins surge
CEO says windfall will go to settling Deepwater Horizon liabilities; strategy update expected in December
BP on Friday reported a third-quarter underlying profit of $8.5bn, nearly quadruple the $2.2bn earned a year earlier, as soaring refining margins driven by Middle East conflict and global refinery disruptions boosted earnings. The result far exceeded analyst forecasts and triggered criticism from climate groups.