BP profits surge beating analysts expectations – London Business News | Londonlovesbusiness.com

The oil and gas giant BP has posted $2.8 billion in the second quarter and has raised their dividend as a result of beating the expected profit forecast.

In the second quarter BP posted a net profit of $2.8 billion, analysts had predicted $2.6 billion according to the London Stock Exchange.

BP posted a half year profit of $5.5 billion which is lower than $7.6 billion the group posted last year.

Kate Thomson, BP’s chief financial officer, said: “We generated strong operating cash flow in the quarter, which helped reduce net debt to $22.6bn.

“Our decision to increase our dividend by 10%, and extend our buyback programme commitment to 4Q 2024, reflects the confidence we have in our performance and outlook for cash generation.

Murray Auchincloss, the firm’s new chief executive who took over at the start of the year, said: “We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025.”

Alice Harrison, head of fossil fuel campaigns at Global Witness, said: “As the world faces record-breaking heat, most of us are desperate to see urgent action on the climate crisis.

“Unfortunately, it’s clear that BP couldn’t care less.

“While millions of us struggle with high temperatures and high bills, BP are raking in billions of profits, paying out massive dividends, and doubling down on dirty new oil and gas projects.”