BP NYSE BP raised its dividend by 10% and extended its buyback program as it booked better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Tuesday $2.8 billion in underlying replacement cost profit – the metric closest to net profit – for April to June, up from $2.7 billion for the previous quarter. The earnings were also higher than the $2.59 billion for the second quarter of 2023, and ahead of the analyst consensus of $2.54 billion.
Earlier this month, BP warned that impairments, primarily related to the review of the Gelsenkirchen refinery in Germany, would impact the second-quarter results. Still, the earnings came in better than expected and BP’s shares in London rose by 2% following the results release. “Our decision to increase our dividend by 10%, and extend our buyback programme commitment to 4Q 2024, reflects the confidence we have in our performance and outlook for cash generation,” CFO Kate Thomson said.
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