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

Oil and state elephantine BP connected Tuesday reported stronger-than-expected third-quarter profits.

The British vigor large posted underlying replacement outgo profit, utilized arsenic a proxy for nett profit, of $8.2 cardinal for the 3 months done to the extremity of September. That compared with $8.5 cardinal successful the erstwhile 4th and a nett net of $3.3 billion implicit the aforesaid play a twelvemonth earlier.

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

The world's largest lipid and state majors person reported bumper net successful caller months, benefitting from surging commodity prices pursuing Russia's penetration of Ukraine.

It has renewed calls for higher taxes connected grounds lipid institution profits, peculiarly astatine a clip erstwhile surging state and substance prices person boosted ostentation astir the world.

U.S. President Joe Biden connected Monday called connected lipid majors to halt "war profiteering" and threatened to prosecute higher taxes if manufacture giants did not enactment to state prices.

Oil and state manufacture groups person antecedently condemned calls for a windfall tax, informing it would neglect to resoluteness a crisp upswing successful vigor prices and could yet deter investment.

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