Turmoil in commodity markets has driven bumper earnings for energy companies.
| BP has raised its dividend after reporting its highest quarterly profit in 14 years, as the turmoil in commodity markets sparked off by Russia’s invasion of Ukraine has generated soaring returns for the world’s biggest energy companies.the energy crisis triggered by Russia’s invasion
BP published an extensive list of investments it is making in the UK, where the rising energy costs have become a hot political issue.“Today’s results show that BP continues to perform while transforming,” Chief Executive Officer Bernard Looney said in a statement on Tuesday. The company is “providing the oil and gas the world needs today – while at the same time investing to accelerate the energy transition”.
The dividend was increased to 6 cents a share, an improvement from a previous commitment to raise the payout by around 4 per cent annually through to 2025. Net debt fell to $US22.82 billion at the end of the period, down from $US32.7 billion a year ago.accused of profiteering Alongside its earnings statement, BP published an extensive list of investments it is making in the UK, where the rising cost of energy has become a hot political issue and the North Sea oil and gas industry has already been hit by a windfall tax.With recession fears gathering pace, there has been speculation that the second quarter could end up marking the high point for Big Oil this year.
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