After underlying earnings more than doubled to $8 billion in the third quarter, putting the energy group on track to have one of its most profitable years ever, BP announced additional share buybacks.

The three-month period's underlying profits were $8.2 billion, far exceeding analysts' average projections of $6.1 billion ($3.3 billion a year earlier).

The group's results end a historic run of profits for the largest oil and gas companies in the world, which has renewed calls for more aggressive taxation of energy company profits in a number of nations, including the US and UK.

In the UK, BP stated that it anticipated paying about $2.5 billion in taxes on its North Sea operations in 2022, of which about $800 million would be paid under the government's energy profits levy, which has already raised the costs associated with the production of oil and gas since May.

BP claimed that "exceptional" profits from its gas trading business contributed to its financial success. In the gas and low carbon energy division, underlying earnings increased from $1.8 billion to $6.2 billion in the quarter. Company promised to buy back an additional $2.5 billion in shares in the fourth quarter, bringing the year's total share purchases to just under $10 billion. It maintained its dividend after increasing it by 10% in July.

After falling from $38.9 billion at the end of 2020, net debt decreased for the tenth quarter in a row, falling to $22 billion from $22.8 billion at the end of June. The value of BP shares has increased by more than 45% this year.