Dow Jones Newswires: BP raises dividend and buyback after profit surge

by | Aug 2, 2022 | Stock Market

BP PLC
BP,
-1.91%
on Tuesday reported that its profits rose further in the second quarter of the year, and increased both the dividend and the quarterly share buyback. The multinational energy group made an underlying replacement cost profit of $8.45 billion for the three months ended June 30, up from $6.25 billion in the first quarter. This beat market expectations of $6.79 billion–according to the consensus compiled by the company and averaged from 28 brokers.

Net income was $9.26 billion compared with a net loss of $20.38 billion in the first quarter. BP raised the dividend to 6.006 cents a share from 5.460 cents, and set out a share buyback of $3.5 billion to be completed by its third-quarter results. Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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