Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits, supported by high commodity prices and robust gas marketing and trading.
The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the end of September. That compared with $8.5 billion in the previous quarter and marked a significant increase from a year earlier, when net profit came in at $3.3 billion.
Analysts polled by Refinitiv had expected third-quarter net profit of $6 billion.
BP announced another $2.5 billion in share repurchases and said net debt had been reduced to $22 billion, down from $22.8 billion in the second quarter.
It reported a net loss for the quarter of $2.2 billion, compared with a profit of $9.3 billion in the previous quarter. BP said this third-quarter result included inventory holding losses net of tax of $2.2 billion and a charge for adjusting items net of tax of $8.1 billion.
The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
Combined with BP, oil majors Shell, TotalEnergies, Exxon and Chevron have posted third-quarter profits totaling nearly $50 billion.
This has renewed calls for higher taxes on record oil company profits, particularly at a time when surging gas and fuel prices have boosted inflation around the world.
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U.S. President Joe Biden on Monday called on oil majors to stop “war profiteering” and threatened to pursue higher taxes if industry giants did not work to cut gas prices.
Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment.
“This quarter’s results reflect us continuing to perform while transforming,” BP CEO Bernard Looney said in a statement.
“We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today – while at the same time – investing to accelerate the energy transition,” Looney said.
Shares of London-listed BP rose nearly 1% during morning deals. The firm’s stock price is up over 45% year-to-date.
Windfall tax ‘now a necessity’
Environmental campaign groups said BP’s third-quarter results underscored the need for a windfall tax, describing the results as “a slap in the face” for the millions of Britons facing a deepening cost-of-living crisis.
“The case for a bigger, bolder windfall tax is now overwhelming,” said Sana Yusuf, energy campaigner at Friends of the Earth. “This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.”
“Some of the billions of pounds raised should be used to pay for a street-by-street, home insulation programme to cut energy bills and reduce emissions,” Yusuf said.
“A proper windfall tax on the profits of big polluters is no longer a far cry, it is now a necessity,” said Jonathan Noronha-Gant, senior fossil fuels campaigner at Global Witness.
“But the new U.K. Government must also urgently put us on track for a rapid transition away from dirty fossil fuels and onto renewables and decent home insulation, so we can fix this broken energy system once and for all.”
Our job is to ‘pay our taxes’
Speaking at the ADIPEC conference in the United Arab Emirates on Monday, BP CEO Bernard Looney said on a panel moderated by CNBC that he understood the public scrutiny on oil majors’ record profits, but sought to defend the firm’s record when it comes to investing and paying taxes.
“We are facing a very difficult winter ahead in the U.K., in Europe and right across the world,” Looney said.
“Our job is to pay our taxes; our job is to invest. We just announced a $4 billion acquisition in the United States just last week in renewable natural gas so that’s what our job is to do. We will continue to do that and do the very best that we can,” he added.
Electric cars don’t have intakes and exhausts, so they can’t get hydrolocked in deep water the way ICE-powered cars can – but that doesn’t make them amphibious. Nobody told this Texan Chevy Bolt EUV owner that, and when they got caught on the wrong side of the floodwaters, they licked the stamp and sent it!
The recent catastrophic flooding in Texas has brought unimaginable tragedies and hardships to thousands of people who unquestionably deserve better, and living through something like that can lead people to make some rash decisions (I made it through the aftermaths of Hurricanes Andrew and Katrina, AMA). Rash decisions like pulling up to a tunnel flooded in nearly three feet of water, and deciding to stand on the gas.
Think I’m exaggerating? Watch this Chevy Bolt EUV go full “Boat Mode” as its driver decides that dealing with whatever unseen obstacle or deadly live wires concealed by the floodwaters are less annoying than having to find an alternative route for yourself.
Submerging an EV that wasn’t designed for it (or even a Cybertruck, which allegedly was), isn’t exactly advisable. In addition to the underwater threats, submerging the skateboard in water could damage sensitive electrical connectors, compromise battery seals, and cause shorts in circuit boards over time.
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“Even more critically, water ingress into high-voltage systems can pose serious safety risks, including electrical faults or, in rare cases, thermal events,” writes Jonathan Lopez, over at GM Authority. “Although the Bolt EUV in this instance completed its soggy journey successfully, long-term effects may still emerge.”
In other words: don’t try this at home.
Electrek’s Take
Chevy Bolt EUV, via GM.
Like, don’t try this at home … but it’s pretty awesome.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Georgia BRIGHT, a statewide initiative to deliver affordable solar, kicked off its “No-Cost Solar Plan” in Atlanta yesterday, giving qualified homeowners a shot at roughly 400 fully prepaid rooftop-solar systems with zero upfront or maintenance costs. However, Georgia Bright’s No-Cost Solar Plan may lose its $156 million in grant money if the EPA steals back the Solar for All program’s entire $7 billion, which funded it.
On Earth Day (April 22) 2024, the Georgia BRIGHT Communities Coalition, including lead applicant Capital Good Fund, along with coalition member cities, Atlanta, Savannah, and Decatur, and dozens of other Georgia stakeholders, was allocated $156 million from Solar for All to bring solar to thousands of households statewide between now and mid-2029.
Families that earn 80% or less of their county’s Area Median Income can enter a drawing for the No-Cost Solar Plan now; a second drawing for another 400 systems is set for spring 2026.
“As the cost of living increases across our most vulnerable communities, this program will deliver significant savings to the households that need it most,” said Alicia Brown, director of Georgia BRIGHT.
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Those savings are already showing up. Pilot participant Christine Difeliciantonio saw her power bill plunge on her Columbus home from $224 in June 2024 to $50 in June 2025 after her panels came online, and she says the added resilience eases her mind during storms.
Nonprofits are benefiting, too. Trees Atlanta had 140 panels installed on their headquarters last November in the pilot program; the rooftop array went live in March and is on track to save about $3,000 a year, the carbon equivalent of planting 28,000 trees over 25 years.
What’s next for Georgia BRIGHT …
Georgia BRIGHT’s other programs in the works include its Residential Solar Savings Plan, offering custom rooftop installs with no upfront cost and guaranteeing households at least 20% savings on day one after factoring in the modest monthly payments. Georgia BRIGHT is also developing Community Benefit Solar, which lets businesses, houses of worship, and apartment buildings go solar so long as they share part of the financial benefits – think grocery gift cards, help with utility bills, discounted daycare, or rent relief – with eligible neighbors for five years. Finally, a Utility-Led Community Solar initiative will send grants to local utilities so they can run shared-solar programs designed specifically for low-income customers.
These programs really make a difference in a state like Georgia, which doesn’t offer any other solar incentives.
… if the EPA doesn’t steal its money
The New York Timesreported today that the Trump-led EPA is drafting letters to claw back the entire $7 billion Solar for All pot from 49 states, plus 11 nonprofit groups and Native American tribes. The grant money was awarded under President Biden’s 2022 Inflation Reduction Act. According to the Times‘ sources, the EPA plans to send termination notices this week, effectively erasing solar savings for nearly a million low-income families before the panels ever land on their roofs.
Legal groups are already gearing up for the fight. “If leaders in the Trump administration move forward with this unlawful attempt to strip critical funding from communities across the United States, we will see them in court,” Kym Meyer of the Southern Environmental Law Center told the Times.
If the EPA pulls the trigger on this cruel, senseless plan to steal solar from lower-income communities, it wouldn’t just kneecap Georgia’s new program – it would pull the rug out from under low-income solar projects nationwide. The fight over Solar for All is officially on. How about that energy emergency that Trump declared, eh?
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Tesla is in trouble, facing down hundreds of millions in fines on a single Autopilot wrongful death claim, accusations of covering up evidence, and plummeting sales in Europe, China, and the US. But, hey – that’s no reason to NOT give Elon a $29 billion bonus, right? Find out more on today’s troubling episode of Quick Charge!
We’re also helping Costco celebrate the first half-birthday of its EV marketplace, where you can get a great deal on a new Chevy Silverado EV capable of going more than one thousand miles on a single charge [insert 400 pages of fine print and disclaimers here–Ed.].
Today’s episode is brought to you by Retrospec, the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Quick Charge listeners can get an extra 10% off their next ride until August 14 with the exclusive code ELECTREK10, only at retrospec.com.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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