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BP posts $8.46 billion profit, clears Deepwater liabilities

By Drooid · Oct 30, 2026 · How we work

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Summary

BP reported third-quarter underlying replacement-cost profit of $8.46 billion, its highest in 18 years.
Refining margins jumped to $46.70 a barrel, driving more than half of the quarterly profit.
Net debt fell to $13.87 billion from $26.1 billion a year earlier, meeting BP’s debt-reduction target.
BP will use excess cashflow to pay the remaining $6.8 billion Deepwater Horizon liabilities in full.
Shares rose about 1 % in London trading, reaching roughly 629 pence per share.

History

After the April 2010 Deepwater Horizon explosion released millions of barrels of oil, BP faced a series of lawsuits that culminated in a $4.5 billion DOJ settlement in 2012 and a record $20.8 billion settlement in 2016. The penalties forced BP to cut debt and restructure, a process that underlies its 2024 Q3 profit surge and the clearance of remaining Deepwater Horizon liabilities.

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After the April 2010 Deepwater Horizon explosion released millions of barrels of oil, BP faced a series of lawsuits that culminated in a $4.5 billion DOJ settlement in 2012 and a record $20.8 billion settlement in 2016. The penalties forced BP to cut debt and restructure, a process that underlies its 2024 Q3 profit surge and the clearance of remaining Deepwater Horizon liabilities.

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