BP announced plans to buy back $2.5 billion in shares after an impressive third quarter.
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The energy company generated $8.15 billion in profits from July to September, according to a press release from the brand.
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 record-high gas prices 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, per Fox 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, per CNN.
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.”
