Oil boost

BP raises dividend after swing back into profit

BP

BP: making good progress

Energy giant BP plans to raise its dividend by 4% and increase share buybacks after beating expectations for second-quarter profits on the back of higher oil and gas prices.

The company will increase its second-quarter dividend to 5.46p a share from 5.25p a year earlier and said it would buy back $1.4bn of shares.

BP’s underlying replacement cost profit came in at $2.8bn in the three months to the end of June compared with a $6.7bn loss a year earlier.

For the first half posted profit of $5.4 billion against a $5.9bn loss last time.

In a statement chief executive Bernard Looney said: “We are a year into executing bp’s strategy to become an integrated energy company and are making good progress – delivering another quarter of strong performance while investing for the future in a disciplined way.

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