BP has increased its dividend and extended its share repurchase program following a second-quarter profit of nearly $2.8 billion, which exceeded forecasts by 9%. This result alleviates pressure on CEO Murray Auchincloss after previous profit disappointments. Auchincloss aims to revamp BP’s operations with a focus on profitable oil and gas sectors, diverging from former CEO Bernard Looney’s renewable-focused strategy. The company has approved the Kaskida oilfield development in the U.S. Gulf of Mexico, expected to produce 80,000 barrels per day starting in 2029. Additionally, BP will proceed with a low-carbon hydrogen project in Spain. Despite a 1.2% rise in shares, BP’s stock has lagged behind competitors amid concerns over its energy transition strategy and 2025 earnings targets. Auchincloss emphasized cost reduction and operational focus in his plans for the company.
BP Increases Dividend and Reports Strong Q2 Profit