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BP boosts dividend after Q2 profit hits 14-year high of $8.45 bn

BP boosts dividend by 10%; BP to boost spending on oil and gas, CEO says; profits driven by strong oil trading, hit by LNG

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The company also increased its share repurchases plan for the current quarter to $3.5 billion after it bought $4.1 billion in the first half of the year.

Reuters London

4 min read Last Updated : Aug 03 2022 | 1:12 AM IST

BP's second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.

"The company is running well and it continues to strengthen.

We have real strategic momentum," Chief Executive Officer Bernard Looney told Reuters.

BP shares were up 3.5% by 0925

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : BP result oil and gas sector Energy LNG Crude Oil

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