In addition to increasing its annual profit, BP was able to boost its dividend by 10% to 6.61 cents per share. This comes as the company plans to repurchase $2.75 billion worth of shares over the next three months.

While the surge in energy prices following Russia’s invasion of Ukraine largely drove BP’s profits, the oil major has also been in the process of shifting toward renewables and low-carbon energy, with the company planning to increase annual spending on such activities by $1 billion. The focus of this investment would be the development of low-carbon biofuels and hydrogen.

Up until 2030, BP is planning to divide its spending equally between its conventional oil and gas business and its renewable energy transition. The company is set to have a particular focus on providing low-carbon and renewable power in the United States, where it would be eligible to receive investment credits and tax cuts due to the Inflation Reduction Act.

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According to analysts at Redburn, BP is delivering strong results across earnings/cash, capital discipline, and shareholder distributions. The company’s dividend was increased to 6 cents a share during the second quarter, while its debt fell to $22.82 billion, compared to $32.7 billion a year earlier.

Chief Executive Officer Bernard Looney showered BP with praise on Tuesday, stating: “Today’s results show that BP continues to perform while transforming; providing the oil and gas the world needs today — while at the same time investing to accelerate the energy transition.”

As fears of recession take hold, analysts widely believe that the second quarter may prove to be the high point for oil companies such as BP this year. BP still expects, however, that oil and gas prices will remain high going into the third quarter due to the disruptions caused by the Russia-Ukraine conflict and low inventories.

The post BP Income Boosted By Oil Refining and Trading appeared first on theprimarymarket.com.

In addition to increasing its annual profit, BP was able to boost its dividend by 10% to 6.61 cents per share. This comes as the company plans to repurchase $2.75 billion worth of shares over the next three months.

While the surge in energy prices following Russia’s invasion of Ukraine largely drove BP’s profits, the oil major has also been in the process of shifting toward renewables and low-carbon energy, with the company planning to increase annual spending on such activities by $1 billion. The focus of this investment would be the development of low-carbon biofuels and hydrogen.

Up until 2030, BP is planning to divide its spending equally between its conventional oil and gas business and its renewable energy transition. The company is set to have a particular focus on providing low-carbon and renewable power in the United States, where it would be eligible to receive investment credits and tax cuts due to the Inflation Reduction Act.

The post BP Announces Record Profit in 2022 appeared first on theprimarymarket.com.

According to analysts at Redburn, BP is delivering strong results across earnings/cash, capital discipline, and shareholder distributions. The company’s dividend was increased to 6 cents a share during the second quarter, while its debt fell to $22.82 billion, compared to $32.7 billion a year earlier.

Chief Executive Officer Bernard Looney showered BP with praise on Tuesday, stating: “Today’s results show that BP continues to perform while transforming; providing the oil and gas the world needs today — while at the same time investing to accelerate the energy transition.”

As fears of recession take hold, analysts widely believe that the second quarter may prove to be the high point for oil companies such as BP this year. BP still expects, however, that oil and gas prices will remain high going into the third quarter due to the disruptions caused by the Russia-Ukraine conflict and low inventories.

The post BP Income Boosted By Oil Refining and Trading appeared first on theprimarymarket.com.