BP profits soar in 3Q as pressure increases for windfall tax

By DANICA KIRKA
Associated Press

LONDON (AP) — BP’s earnings have 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. BP said Tuesday that underlying replacement cost profit jumped to $8.15 billion from $3.32 billion in the same period last year. The company also plans to reward shareholders, buying back another $2.5 billion of stock. Soaring earnings at British energy companies are fueling calls for the government to expand a tax on their windfall profits as Prime Minister Rishi Sunak struggles to close an estimated $46 billion hole in the budget. U.S. President Joe Biden also has floated the possibility of a windfall tax as energy companies worldwide see earnings surge.