BP profits nearly quadruple to an 18-year high on the Iran war despite huge writedowns on its net zero business
Meg O'Neill, pictured in June, leads BP as its debt halved to $13.9bn and analysts warned its green pivot was "highly value destructive.BP wrote down $5bn on its renewables arm as third-quarter profit nearly quadrupled, with rival Shell posting $12.1bn — its highest quarterly haul since 2022.
Britain's biggest oil companies have raked in billions on the back of the Iran war, with BP's quarterly profits surging from £1.65bn to £6.31bn — the highest since 2008 — after the closure of the Strait of Hormuz sent refining margins to historic levels. Shell's Thursday results hit £8.06bn, and US giants ExxonMobil and Chevron combined for over $25bn, as America's top 50 oil firms banked more than $130bn since the war began.
Environmental campaign group Global Witness says Jonathan Noronha-Gant called the profits 'obscene' as ordinary families face spiralling energy costs heading into winter.
Chancellor John Healey chose not to raise windfall taxes on oil and gas firms in Wednesday's budget, despite mounting pressure to use bumper profits to fund household energy support.
