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