Oil giant BP said Friday that its third-quarter profit nearly quadrupled from a year earlier, CNBC and the Guardian report. The company posted $8.5 billion in underlying replacement cost profit, a key measure of its earnings, up from $2.2 billion a year ago, CNBC reports.

That beat the $6.191 billion analysts had expected in a forecast compiled by LSEG, CNBC says. The Guardian, which puts the figure at $8.46 billion, says it was BP's highest quarterly profit in 18 years.

The gain came mostly from refining, BP said. Refining margins are what a company earns by turning crude oil into fuels like diesel and jet fuel. CNBC reports BP's refining margin for the quarter was $46.7 a barrel. War damage and outages at refineries have squeezed fuel supply this year, the outlet says.

"These are dynamic times with volatility and disruption to trade flows continuing to define energy markets," chief executive Meg O'Neill said in a statement. She said on CNBC that margins are starting to soften as demand usually drops in the fourth quarter. "Oil prices today are strong. They will not always be strong," she added.

Climate groups were angry. Jonathan Noronha-Gant of Global Witness said it was "obscene that polluters are continuing to cash in on the fallout of the war in Iran," the Guardian reports. The paper notes that British drivers are paying high prices at the pump, with diesel near 199 pence a liter.

The results follow strong reports this week from rivals Shell and TotalEnergies, the outlets say. BP still owes $5.9 billion in settlements over the 2010 Deepwater Horizon oil spill, CNBC reports, and O'Neill said the company plans to set aside cash for it.

What we know: BP's quarterly profit jumped to about $8.5 billion on high refining margins.
What we don't: How long high fuel prices and margins will last.