BP Raises Dividend, Launches $1.4 Billion Share Buyback
August 03 2021 - 2:48AM
Dow Jones News
By Jaime Llinares Taboada
BP PLC on Tuesday said it increased the dividend for the second
quarter and launched a $1.4 billion share buyback.
The British oil-and-gas major declared a quarterly dividend of
5.46 cents a share, up from 5.25 cents in the first quarter.
Increased distributions are based on the underlying performance of
the business, an improving outlook for the environment and
confidence in its balance sheet, it said.
In addition, BP reported a net profit of $3.12 billion for the
three months to June, down from $4.67 million in the first
quarter.
However, the underlying profit on a replacement cost basis
increased to $2.80 billion from $2.63 billion in the first quarter,
and was well above the market consensus of $2.15 billion that was
compiled by the company and averaged from 24 brokers.
For the third quarter, the London-based energy company said it
expects higher upstream production than in April-June, higher
product demand across its customer business, and slightly improved
refining margins.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 03, 2021 02:34 ET (06:34 GMT)
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