Plc said net debt has already reached the company’s 2027 target after surging prices drove windfall profits from energy trading and refining in the third quarter.

Net debt was around $13.5 billion to $14.5 billion at the end of the period, compared with the $14 billion to $18 billion range targeted for the end of next year. Earnings were boosted by a strong performance in oil and gas trading and its oil processing business, BP said Tuesday in a statement.

The debt objective has become easier to reach after the Iran war sent oil prices soaring above $100 a barrel. The seven-month conflict, as well as Ukraine’s repeated drone strikes against Russian refineries, has also tightened markets for oil products, with gains in fuel prices far outpacing those for crude.

European oil majors such as BP have been able to capitalize on the supply disruption and price volatility through their vast trading operations and a network of refineries. Shell Plc last week reported record refining margins in the quarter.

BP Chief Executive Officer Meg O’Neill, who took the helm in April, has moved quickly to strengthen the balance sheet, including through asset sales. She said last week that of all the companies in the sector, BP “has been the most levered for more than a decade” and must make better use of investor capital.

The London-based company also reported $3 billion to $4.5 billion in impairment charges, largely in its energy transition businesses. It’s due to announce full third-quarter results on Oct. 30, and will hold a strategy day on Dec. 15 in New York.