Get All Access for $5/mo

BP Plans $2.5 Billion Share Buyback After 'Exceptional' $8.15 Billion Quarterly Profit Earnings The oil company's billion-dollar earnings come as people around the world are struggling with the rising cost of living, including high gas prices.

By Sam Silverman

Opinions expressed by Entrepreneur contributors are their own.

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 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."

Sam Silverman

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 in The US Sun, Nicki Swift, In Touch Weekly, Life & Style and Health. She writes for our news team with a focus on investigating scandals. Her coverage and expertise span from business news, entrepreneurship, technology, and true crime, to the latest in entertainment and TV news. Sam is a graduate of Lehigh University and currently resides in NYC. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Franchise

How to Know If a Local Business Has Franchise Potential, From a Guy Who Built One Into 80 Locations

Wade Brannon had already built and sold one franchise when a kid's hair salon in his area caught his interest.

Starting a Business

How to Find the Right Programmers: A Brief Guideline for Startup Founders

For startup founders under a plethora of challenges like timing, investors and changing market demand, it is extremely hard to hire programmers who can deliver.

Business News

Amazon Is Reportedly Tracking 'Coffee Badging' Workers and Their Real In-Office Hours

Leaked Slack messages showed employees had a minimum number of hours they needed to be in the office for the time to count as an in-office day.

Leadership

I Was Reappointed as CEO — Here Are 2 Ways a Fresh Perspective Helped Me Unlock New Growth For My Company

When stepping into a new CEO role, striking the right balance between listening and action is the key to moving the business forward

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.