Labour says government is ‘totally wrong’ to give tax breaks to oil companies amid cost of living crisis
BP also said it would hand investors $3.5bn through a share buyback, while it increased its total dividend payout by 10% to about $1.1bn.
Shell last week reported record quarterly profits of nearly £10bn between April and June, while the British Gas owner, Centrica, made operating profits of £1.3bn, most of which came from its oil and gas drilling division. Shell and France’s Total last week said they would also give shareholders billions of dollars in share buybacks and dividends.
The company was forced to write down the value of its investments in Russia by $24bn in the first quarter, but higher oil prices have made up for much of the lost ground. The strong cashflows have allowed it to cut its debt pile, in a further boost to investors. . However, the 25% tax, known as the energy profits levy, did not come into force until 14 July, meaning that it does not apply to profits made by BP or other oil companies during the second quarter.
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