BP (BP stock) announced a profit that was higher than analysts had predicted and increased share repurchases.

With increased political pressure on major oil companies, it was the second straight quarter of record earnings.

For the three months that ended in September, underlying earnings were $8.2 billion. That’s close to the $8.5 billion it made in the second quarter and better than the $6.1 billion analysts had predicted.

Following Russia’s invasion of Ukraine, which increased energy prices globally, BP (NYSE:BP) has joined rivals Shell SHEL +2.08% (SHEL.U.K.), Exxon Mobil XOM +0.62% (XOM), and Chevron CVX +1.66% (CVX) in earning record or nearly record profits this year. Large oil companies are facing blowback as a result of this. A week before the key midterm elections for Congress, President Joe Biden announced on Monday that he will attempt to enact a windfall tax on earnings that aren’t invested in production.

According to BP, lower average oil prices compared to the second quarter and poorer refining margins hurt third-quarter profitability. But the trading of natural gas and increased gas prices helped the bottom line. BP is increasing its natural gas investments and last month paid $4.1 billion to acquire Archaea Energy LFG -0.15%.

The world’s largest energy company, Saudi Aramco (TADAWUL.2222), which is supported by Saudi Arabia, reported its second-highest third-quarter profits ever on Tuesday.

For the first time in Exxon’s 152-year history, the third quarter saw record profits. This year, the price of oil has climbed by nearly 20%.

In the upcoming quarter, BP stated it will repurchase $2.5 billion worth of shares and set its dividend at 6 cents per share.

Shares of BP (BP stock) traded in the US increased somewhat in premarket trading.