BP announced plans to repurchase $2.5 billion in shares after an impressive third quarter.
The energy company generated $8.15 billion in profit from July to September, according to a press release from the brand.
The ‘windfall’ profits, which exceed the brand’s profits of $3.3 billion just a year ago by nearly $5 billion, come as people around the world grapple with rising costs from inflation.
This summer, Americans saw record gasoline prices nationwide, with some states hitting $6.00 a gallon, while countries overseas saw spikes over $8.00.
East Coast businesses are experiencing a shortage of diesel lately, and as diesel supply dwindles, prices are expected to rise, according to Fox Business.
Energy companies like Shell and ExxonMobil are also posting record profits as the ongoing war in Ukraine and Russia has increased demand and competition for oil and natural gas, according to CNN.
In total, BP has repurchased $8.5 billion in shares this year with its surpluses. But despite profiting from the energy crisis, the brand said it was committed to being part of the solution.
“The results this quarter reflect that we continue to perform while transforming. We remain focused on solving the energy trilemma – secure, affordable and low-carbon energy,” said BP CEO Bernard Looney, in the press release. “We provide the oil and gas the world needs today, while investing to accelerate the energy transition.”