- The business will purchase more shares for $3.5 billion.
- believes that the disturbance from Russia will keep oil and gas prices high.
the 2nd of August 2022 at 11:41 GMT+5:30 August 2, 2022, 12:04 PM, GMT+5:30
As a result of its profit rising to its highest level since 2008, BP Plc increased its dividend and share buybacks.
Even if the energy crisis brought on by Russia’s invasion of Ukraine threatens the world economy, the oil and gas business is increasing returns to shareholders as the money comes in. BP underlined its investments in new supply and stated that it anticipates prices to continue high.
The results released today demonstrate that BP is still performing well despite undergoing change, according to a statement from Chief Executive Officer Bernard Looney. “Providing the oil and gas the world needs today — while also investing to hasten the energy transition,” the company’s mission statement reads.
The London-based corporation announced it will add to the $3.8 billion it already repurchased in the first half by repurchasing $3.5 billion worth of shares over the next three months, following in the footsteps of the majority of its competitors. Additionally, it raised the dividend by 10%.
BP’s second-quarter adjusted net income increased by three times year-over-year to $8.45 billion, exceeding the $6.73 billion average analyst estimate. The corporation will now pay a dividend of 6 cents per share, up from a previous pledge to grow it by about 4% year through 2025. At the conclusion of the period, net debt was $22.82 billion, down from $32.7 billion a year earlier.
The oil business is accused of benefiting off the impact of Russian President Vladimir Putin’s aggression while simultaneously failing to invest enough in new drilling, and its sky-high profits come at a politically sensitive moment. Along with its earnings report, BP provided a lengthy list of the investments it is making in the UK, where the windfall tax on the North Sea oil and gas industry and the rising cost of energy have already become contentious political issues.
There have been rumours that the second quarter could end up being the high point for Big Oil this year as recession fears grow. Due to disruptions in the Russian supply, low stockpiles, and decreased spare capacity, BP stated that it anticipates oil and natural gas prices to remain high as well as refining margins in the third quarter.
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