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BP Posts Forecast Beating $2.8B Quarterly Profit, Raises Dividend

BP Posts Forecast Beating $2.8B Quarterly Profit, Raises Dividend

BP reported second-quarter profit of $2.76 billion on Tuesday, beating expectations as the energy company increased its dividend and extended its share repurchasing programme.

BP lifted its dividend to 8 cents per share from 7.27 cents, in line with analysts’ expectations, based on LSEG data.

It also maintained the rate of its share buyback programme at $1.75 billion over the next three months. BP said it remains committed to buying a total of $7 billion of shares this year.

Underlying replacement cost profit, the company’s definition of net income, reached $2.76 billion in the three months to June, exceeding a forecast of $2.54 billion in a company-provided survey of analysts.

That compared with a $2.7 billion profit in the previous quarter and $2.6 billion a year earlier.

Reuters

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