Key facts: BP PLC Sponsored ADR (BP.) posts record Q3 profit; net debt cut to $13.9B

U.S. oil and gas companies earned $130B in H1 2026, 2.8x more than 2025, due to Middle East and Russia supply disruptions. ExxonMobil (XOM) and Chevron (CVX) reported strong Q3 results, with profits up significantly. Exxon's profits reached $15.4B, while Chevron's nearly tripled to $9.9B. Both companies increased shareholder returns. Gasoline and diesel prices rose, costing U.S. households an extra $1,100 on average.

Six European oil companies (BP, Eni, Equinor, Repsol, Shell, TotalEnergies) reported $89bn in profits for the first nine months of 2026, more than double the same period last year, driven by higher energy prices due to the war with Iran. Shell and TotalEnergies saw refining profits nearly quadruple, while BP's profit nearly quadrupled, exceeding analyst forecasts. Companies used profits to reduce debt and return cash to shareholders, with Shell cutting its 2026 capital spending guidance by $1bn.

ExxonMobil, Chevron, BP, Shell, and TotalEnergies reported combined adjusted net income of $56.3 billion in Q3, driven by high fuel prices due to geopolitical conflicts. ExxonMobil and Chevron saw record refining profits, with ExxonMobil earning $9.05 billion and Chevron $4.93 billion. Companies resisted increasing share buybacks to avoid political backlash. ExxonMobil raised dividends and maintained $20 billion in annual buybacks, while Chevron focused on debt reduction.

Louisiana will receive $350 million from BP, resolving remaining coastal lawsuits and accelerating economic-damages payments from the 2010 Deepwater Horizon disaster. The state receives $23 million less than originally scheduled but gets the funds sooner. BP, Louisiana Governor Jeff Landry, and Attorney General Liz Murrill signed the agreement.

BP PLC (BP) reported Q3 2026 earnings, highlighting debt reduction, refining strength, and a $4 billion writedown. CFO Kate Thomson discussed addressing Deepwater Horizon liabilities, Q4 financial obligations, and cost savings. CEO Meg O'Neill emphasized resilient financial framing, investment rigor, and portfolio optimization. The company aims to improve cost structure and maintain dividend commitments. BP also provided updates on asset sales and exploration plans.

BP reported a 282% rise in quarterly profits to £6.31 billion, driven by geopolitical tensions affecting oil supplies. This follows Shell's £8 billion profits in the same period. Critics accuse BP of profiteering while consumers face rising fuel costs.