Daily Management Review

BP loses 70% of profit in Q2


BP reported a $2.6 billion quarterly underlying replacement cost profit, which is a metric similar to net income. In comparison to the second quarter of 2022, this is about 70% worse.

A considerable drop in oil prices compared to last year, when they increased in the wake of the Ukraine conflict, is linked to the British company's earnings dropping by such a large amount.

BP's performance turned out to be significantly worse than experts surveyed by Refinitiv predicted. They had estimated that this figure for the British business would be $3.5 billion.

Despite this, BP announced it would repurchase $1.5 billion worth of its own shares during the following year, increasing its dividend by 10% to $7.27 per share.

source:  ft.com