BP reveals 6 percent rise in Q2 earnings, boosts dividend, share buybacks
Date
7/30/2024 8:02:11 AM
(MENAFN) BP energy has announced its second-quarter earnings, reporting a total of USD2.76 billion, marking a 6 percent increase from the previous year. The company also revealed plans to enhance its dividend and extend its share buyback program. The dividend has been raised to 8 cents per share, up from 7.27 cents, aligning with analysts' predictions based on data from the London Stock Exchange Group.
In addition to the dividend increase, BP will maintain its share repurchase program at USD1.75 billion over the upcoming three months. The company remains committed to repurchasing shares worth a total of USD7 billion throughout this year.
The core replacement cost earnings, which BP uses to define its net profit, reached USD2.76 billion for the quarter ending in June. This figure surpassed analysts' expectations, which had projected a net profit of USD2.54 billion according to a company-conducted poll. This performance follows the company's earnings of USD2.7 billion in the previous quarter and USD2.6 billion for the same period last year.
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