BP's profits have more than doubled for the past three months, amid ratcheting calls for stiffer windfall taxes for energy producers.
It came as the London-listed oil giant confirmed it will be hit by the windfall tax on its UK operations this year, unlike rival Shell.
BP reported that underlying replacement cost profits - its preferred measure - surged to £7.1bn for the quarter to September, compared with £2.9bn a year earlier.
It was significantly ahead of the £5.3bn expected by market analysts.
Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.
In June, the cost of a barrel of Brent crude oil hovered at around $114 per barrel, but since early July the measure has rarely risen above the $100 line.
On Tuesday, a barrel of crude would set a buyer back around $94 (£81).
Energy prices are, however, still at elevated levels following the Russian invasion of Ukraine and therefore set to weigh heavily on household budgets over winter.
BP confirmed that it will pay £2.2bn in taxes for its UK North Sea business in 2022, as well as £695m of tax related to the energy profits levy.
Chief executive Bernard Looney said: “We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy.
“We are providing the oil and gas the world needs today – while at the same time investing to accelerate the energy transition.
“Our agreement on Archaea Energy is the most recent step in our strategic transformation of BP,” he added, referring to the deal in October for a US renewable natural gas producer worth $3.3bn in cash, as well as around $800m of net debt.
Acquiring Archaea should expand BP's presence in the US biogas industry, progressing its aim to reduce the average carbon intensity of the energy products it sells.
Stuart Lamont, investment manager at RBC Brewin Dolphin, commented: “BP’s results follow another strong set of numbers from Shell last week, with $8.2bn in replacement cost profit for the quarter.
“Debt has fallen for the 10th consecutive quarter, cash generation remains solid, and BP intends to initiate another share buyback programme backed by a strong balance sheet.
“Such robust results will only intensify the discussion around windfall taxes for oil and gas companies, as many households struggle with the cost of living.”
The Scottish Greens energy and environment spokesperson Mark Ruskell said: “The oil and gas giants may be raking in utterly obscene profits, but the planet is suffering and so are millions of households across the UK and beyond.
“Companies like BP are paying lip service to renewables while taking us ever closer to environmental breakdown.
“We can’t drill our way out of this crisis - even trying to is totally irresponsible and incompatible with our international obligations - that is why we need to fundamentally change our energy system so that it works for people and the planet.
"One way that we can help to fund this is via a proper and meaningful windfall tax that can be reinvested in the green technology that is so badly needed.”
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