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HomeNewsOil main BP posts 70% drop in second-quarter revenue, raises dividend by...

Oil main BP posts 70% drop in second-quarter revenue, raises dividend by 10% Acquire US

The BP emblem is displayed exterior a petroleum station close to Warmister, on August 15, 2022 in Wiltshire, England.

Matt Cardy | Getty Photographs Information | Getty Photographs

LONDON — Oil main BP on Tuesday reported a virtually 70% year-on-year drop in second-quarter income on the again of weaker fossil gas costs, echoing a pattern noticed throughout the vitality trade.

The British vitality main posted second-quarter underlying alternative value revenue, used as a proxy for internet revenue, of $2.6 billion. Analysts had anticipated BP to report second-quarter revenue of $3.5 billion, in response to estimates collated by Refinitiv.

The second-quarter end result in contrast with a revenue of $4.96 billion recorded within the first three months of the 12 months and with the $8.5 billion logged within the second quarter of 2022.

BP mentioned the earnings mirrored considerably decrease realized refining margins, the next stage of turnaround and upkeep exercise and a weak oil buying and selling end result.

Nonetheless, the vitality large boosted its dividend by 10% to 7.27 cents per peculiar share for the second quarter. BP additionally mentioned it will repurchase $1.5 billion of its shares over the subsequent three months.

“An excellent quarter and that has given the board … the boldness to announce a $1.5 billion buyback program for the quarter and moreover we have raised the dividend by 10%,” BP CEO Bernard Looney informed CNBC’s “Squawk Field Europe” on Tuesday.

“So, all in all, we’re doing what we mentioned we might do which is performing whereas remodeling and we’re more than happy with the outcomes,” he added.

Oil majors have did not match the bumper income posted throughout the identical interval of final 12 months amid weaker commodity costs.

British rival Shell and French oil main TotalEnergies on Thursday reported a steep drop in second-quarter revenue, whereas U.S.-based Exxon Mobil’s second-quarter revenue slumped 56% year-on-year.

The West’s 5 largest oil corporations raked in mixed income of almost $200 billion in 2022, as oil and fuel costs soared following Russia’s full-scale invasion of Ukraine. For its half, BP reported annual report revenue of $27.7 billion for the total 12 months of 2022.

Oil and fuel costs got here beneath strain within the first half of this 12 months, nevertheless, as international financial jitters outweighed supply-demand fundamentals.

Shares of BP are roughly 1.7% greater year-to-date.

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