BP’s earnings more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.
Underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $8.15 billion from $3.32 billion in the same period last year, BP said Tuesday. The company also announced plans to reward shareholders, buying back another $2.5 billion of stock.
