Petroleum and natural gas are a huge industry BPSurging energy prices fueled the company’s third quarter earnings beat on Tuesday.

Refinitiv reported that the British energy giant posted an underlying replacement profit profit of $3.3 billion in its third quarter. This was higher than analyst estimates of $3.1 million.

The company’s earnings report stated that this result was partly due to higher oil and gas realizations, greater refining access and throughput, which allowed for a more favorable environment, stronger marketing, and trading, and partially offset by a higher tax rate.

This is compared to the $2.8 billion for the quarter before and the $100 million in 2020.

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