BP caps Big Oil's earnings recovery
BP posted a $2.8 billion Q2 profit and said it's raising dividends and expanding share buybacks, joining several other oil majors announcing multibillion-dollar net earnings and new investor payouts.
Why it matters: The company's report caps off a Big Oil earnings season that shows how large producers are recovering from the pandemic that hammered prices and demand last year.
- BP said the result was "driven by higher oil prices and margins offset by a lower result in gas marketing and trading."
- The company is raising dividends by 4% and plans to buy back $1.4 billion in shares during Q3.
The big picture: It's the latest in a string of multibillion-dollar Q2 hauls from majors including Chevron, Shell, Exxon and TotalEnergies.
- Those reports, aside from Exxon's, came with various announcements of higher dividends and share repurchases.
- "Their goal is to woo investors who are becoming increasingly wary about the future of the fossil fuels in a changing climate," Bloomberg reports.