BP reports Q2 profit of US$8.45b, boosts dividend

BP on Tuesday (Aug 2) reported a second quarter profit of US$8.45 billion, its highest in 14 years, as strong refining margins and oil trading helped it boost its dividend and share repurchases.

BP increased its dividend by 10 per cent to 6.006 US cents per share, more than its previous guidance of a 4 per cent annual increase.

It raised its share buyback programme to US$3.5 billion for the third quarter from US$2.5 billion in the previous 3 months, in line with its policy of using 60 per cent of cashflow for the repurchase of its own shares.

"BP continues to build a track record of delivery against its disciplined financial frame," chief financial officer Murray Auchincloss said in a statement.

BP's underlying replacement cost profit, its definition of net earnings, reached US$8.45 billion in the second quarter, the highest since 2008 and far exceeding analysts' expectations of US$6.8 billion.

That compares with a US$6.25 billion profit in the first 3 months of 2022 and US$2.8 billion a year earlier. REUTERS