By Linda Hall •
Updated: 30 Jul 2024 • 17:16 • 1 minute read
London-based oil giant BP’s second quarter results exceeded expectations with a $2.8 billion (€2.58 billion) net profit.
City analysts had predicted $2.6 billion (€2.39 billion) following BP s 2024 first quarter profit of $2.7 billion (€2.49 billion) and the $2.6 billion ((€2.39 billion) earned during the second quarter of 2023.
Instead, weak refining earnings had been offset by stronger oil prices and retail, BP said on July 30.
Dividends rose 10 per cent from 7.27 cents to 8 cents per share, while the energy company announced that its share buyback programme would remain at $1.75 billion (€1.61 billion) over the next three years.
“The decision to boost shareholder returns reflects the confidence we have in our performance and outlook for cash generation,” Kate Thomson, chief financial officer at BP, pointed out.
By the end of the second quarter, net debt stood at $22.6 billion (€20.85), compared with $23.7 billion (€21.87 billion) during the same period in 2023.
Murray Auchincloss, who took over as chief executive in January 2024, said BP was committed to delivering “a simpler, more focused and higher-value company” by overhauling operations and focusing on those that were most profitable.
This will involve trimming back its green investments and advancing on high-value fossil fuel projects, including the Kaskida project in the Gulf of Mexico.
Meanwhile, BP is reducing investment in its German biofuels plant in Gelsenkirchen but will build up to 10 green hydrogen plants including one in Castellon to help produce sustainable aviation fuel and decarbonise refining operations.
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Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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