BP triples profit and announces further share buybacks

shares in this article

– by Ron Bousso and Shadia Nasralla

LONDON (Reuters) – British oil multinational BP, like its competitors Shell, ExxonMobil and TotalEnergies, has benefited from the rise in oil prices and high refinery margins, posting its best second quarter result in 14 years.

advertising

Trade oil, gold, all commodities with leverage (up to 30) (starting at €100)

Take advantage of price fluctuations in oil, gold and other commodities with attractive leverage and small spreads! With only 100 euros you can start trading and use leverage e.g. B. benefit from the effect of 3,000 euros capital.

Plus500: Please note the Hints⁵ to this advertisement.

“The company is doing well and is getting stronger,” BP CEO Bernard Looney told Reuters on Tuesday. The strategy is paying off. Looney, who promised when he took office in 2020 to quickly transition BP from fossil fuels to renewable energy, added BP will increase spending on new oil and gas by $500 million. The group is thus reacting to the global supply crisis.

Looney also announced plans to invest more in hydrocarbons in the near term to help ensure energy security. “We’re probably going to spend about half a billion dollars on hydrocarbons,” the manager said.

BP tripled its profit in the second quarter from a year earlier to $8.5 billion, beating analyst estimates of $6.8 billion. The shareholders should benefit from the bubbling profits and receive a dividend increased by ten percent to 6.006 cents per share – the previous forecast was plus four percent. In addition, the group is sticking to its goal of using 60 percent of its excess cash for share buybacks. The board increased its repurchase plan to $3.5 billion for the current quarter after purchasing $4.1 billion of shares in the first half.

The news was well received on the stock exchange: BP shares rose by almost four percent.

The leading Western oil and gas companies are all benefiting from skyrocketing energy prices in the wake of the Ukraine war and combined combined profits for the second quarter of $59 billion. BP’s competitors Exxon Mobil and Shell recently reported record profits, while TotalEnergies was able to triple its profits.

(Report by Anneli Palmen, edited by Ralf Banser. If you have any questions, please contact our editorial team at [email protected] (for politics and economics) or [email protected] (for companies and markets). )