BP's second quarter profit soared to more than $8.4 billion, its highest in 14 years. This brings the second quarter profit tally for the top Western oil and gas companies to $59 billion
BP to boost spending on oil and gas, CEO sayssecond quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.
"The company is running well and it continues to strengthen. We have real strategic momentum," Chief Executive Officer Bernard Looney told Reuters.BP shares were up 4.3% by 1315 GMT, hitting their highest levels since June and strongly outperforming the European energy index Looney, who took office in 2020 with a vow to rapidly shift BP away from fossil fuels to renewables, said that the company will increase its spending on new oil and gas by $500 million in response to the global supply crunch."We will direct more investment towards hydrocarbons to help with energy security in the near term," Looney said. "We'll probably direct about a half a billion dollars for hydrocarbons.
BP increased its dividend by 10% to 6.006 cents per share, more than its previous guidance of a 4% annual increase. It halved its dividend to 5.25 cents in July 2020 for the first time in a decade in the wake of the pandemic.
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