LONDON — Oil main BP on Tuesday reported a virtually 70% year-on-year drop in second-quarter earnings on the again of weaker fossil gasoline costs, echoing a development noticed throughout the vitality trade.
The British vitality main posted second-quarter underlying alternative value revenue, used as a proxy for web revenue, of $2.6 billion. Analysts had anticipated BP to report second-quarter revenue of $3.5 billion, in keeping with estimates collated by Refinitiv.
BP boosted its dividend by 10% to 7.27 cents per extraordinary share for the second quarter. The vitality large additionally mentioned it might repurchase $1.5 billion of its shares over the subsequent three months.
Oil majors have didn’t match the bumper earnings posted throughout the identical interval of final 12 months amid weaker commodity costs.
The West’s 5 largest oil corporations raked in mixed earnings of almost $200 billion in 2022, as oil and fuel costs soared following Russia’s full-scale invasion of Ukraine. For its half, BP reported annual report revenue of $27.7 billion for the complete 12 months of 2022.
Oil and fuel costs got here beneath strain within the first half of this 12 months, nevertheless, as international financial jitters outweighed supply-demand fundamentals.
Shares of BP are roughly 1.7% increased year-to-date.