UK oil giant BP increases its dividend following a 14-year high in earnings, Reuters reports.

Profits jump above expectations and reach $8.45 billion.


BP increases dividend by 10%; profits powered by robust oil trade; LNG hurt.

In response to the pandemic, it cut its payout in half, to 5.25 cents, in July 2020, for the first time in ten years.

The corporation has upped its share repurchase plan from $4.1 billion in the year's first half to $3.5 billion for the current quarter.

BP stock increased by 4%, to its highest level since June, outpacing the European energy index as a whole, which increased by 0.5%.

The $10.9 billion operating cash flow for the quarter includes $1.2 billion in payments for the Gulf of Mexico oil spill.

Net debt decreased to $22.8 billion, and another announced share repurchase.

BP carried out $2.3 billion worth of share buybacks during the Q2.

Read More Stories

Curved Arrow

On July 22, the $2.5 billion program that was announced along with the Q1,22 results, was finished.