British energy giant BP posted mixed earnings Tuesday, running up a hefty quarterly net loss linked to future gas costs, but bumper underlying profits thanks to soaring oil prices.

The net loss for the third quarter stood at $2.5 billion (€2.15bn) compared with a loss of $450 million in the equivalent period last year, BP said in a statement.

The wider loss “was driven by significant adverse fair value accounting effects of $6.1 billion pre-tax, primarily due to the exceptional increase in forward gas prices towards the end of the quarter,” the company said.

Underlying profit, however, surged to $3.3 billion from $86 million, BP said.

Underlying profit, however, surged to $3.3bn from $86m

“Rising commodity prices certainly helped,” said chief executive Bernard Looney.