BP Plans $2.5 Billion Share Buyback After 'Exceptional' $8.15 Billion Quarterly Profit Earnings

石油公司的billion-dollar earnings come as people around the world are struggling with the rising cost of living, including high gas prices.

learn more about Sam Silverman

BySam Silverman

Luke Sharrett/Bloomberg via Getty Images

BP announced plans to buy back $2.5 billion in shares after an impressive third quarter.

The energy company generated $8.15 billion in profits from July to September, according to apress release从品牌。

The "exceptional" earnings, which are nearly 5 billion more than the brand's $3.3 billion profits just one year ago, come as people around the world are struggling with growing costs due to inflation.

This summer Americans saw创纪录的高油价around the country with some states hitting $6.00 a gallon, while countries abroad saw spikes over $8.00.

As of late, companies across the East Coast are experiencing a diesel shortage and as the diesel supply dwindles, prices are expected to rise, perFox Business.

Energy companies like Shell and ExxonMobil are also seeing record profits as the ongoing war in Ukraine and Russia has upped the demand and competition for oil and natural gas, perCNN.

In total, BP has bought back $8.5 billion shares this year with its surplus earnings. But despite profiting off of the energy crisis, the brand said it's committed to being a part of the solution.

"This quarter's results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy," BP CEO Bernard Looney said in the press release. "We are providing the oil and gas the world needs today – while at the same time - investing to accelerate the energy transition."

Sam Silverman

Entrepreneur Staff

Content Strategy Editor

Sam Silverman is a content strategy editor at Entrepreneur Media. She specializes in search engine optimization (SEO), and her work can be found inThe US Sun,Nicki Swift,In Touch Weekly,Life & StyleHealth. Her coverage spans from business and tech to entertainment news. Sam is a graduate of Lehigh University and currently resides in NYC.

Related Topics

Editor's Pick

The Co-Founder of a Fashion Retailer With a Nearly 100% Retention RateReveals the Secret to Happy Employees
Everything You Need to Know AboutFiling Your Taxes in 2023
These 6 Leadership Skills Are Undervalued— But They Shouldn't Be, According to Employees
Want to Become a Franchisee?Run Through This Checklist First.
You Know Your Love Language, ButWhat About Your Money Language?
A U.S. Company With Thousands of Employees Just Adopted a 4-Day Workweek —Here's the Innovative Blueprint Up for Grabs
Growing a Business

How Adela's Country Eatery Makes Big Waves and Yelp's Top 100 Places to Eat

Located in a strip mall in Oahu, Hawaii, Adela's Country Eatery has grown a name for itself beyond its small takeout counter, winning the #5 spot on Yelp's Top 100 Places to Eat.

Employee Experience & Recruiting

Hiring a Virtual Assistant? Watch Out for These Red Flags

Knowing what to keep an eye out for when you're hiring a virtual assistant is the key to finding the right one.

Growing a Business

The 9 Essential Steps to Expanding Your Product Line and Scaling Your Business

By following the correct steps and principles, entrepreneurs can successfully launch new product lines and enter new markets.

Starting a Business

I Built a Billion-Dollar Business in Just 10 Years, And These Are the 9 Mantras I Live By

This excerpt from my forthcoming book offers exclusive insights into the gritty (not glamorous) details of building The Agency from an idea to a billion-dollar global brokerage.