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Closed pumps at an empty BP Plc gas station in Kennesaw, Georgia, U.S., on Thursday, May 13, 2021. Photo: Elijah Nouvelage/Bloomberg via Getty Images

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.

Go deeper

Oct 25, 2021 - Technology

Facebook beats earnings, but misses on revenue

Photo illustration by Chesnot/Getty Images

Facebook's stock jumped marginally in after-hours trading Monday after the company beat Wall Street expectations on earnings per share but missed estimates on revenue.

Between the lines: Facebook warned investors last month that changes to Apple’s privacy rules would weigh on its business, and that warning helped the company dodge a big stock slide today.

Ben Geman, author of Generate
Oct 20, 2021 - Energy & Environment

UN: Fossil fuel output plans would crush Paris hopes

Illustration: Sarah Grillo/Axios

A United Nations report warns that governments and fossil fuel companies are planning levels of oil, natural gas and coal production that are "dangerously out of sync" with holding global warming in check.

Driving the news: "[T]he world’s governments still plan to produce more than double the amount of fossil fuels in 2030 than would be consistent with limiting global warming to 1.5°C, and 45% more than consistent with limiting warming to 2°C," it states.

Updated 1 hour ago - Science

Nor'easter slams East Coast with flooding rain and powerful winds

A residential area in Middlesex County as floodwater from the nor'easter covers streets in New Jersey on Tuesday. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

A monster storm was slamming the Northeast with record rainfall and powerful winds over Tuesday night — causing flash flooding that resulted in people having to be rescued in New Jersey and New York roads to close.

Threat level: All of southern New England westward to New York City and northern New Jersey was under the threat of flash flooding and coastal flooding from the nor'easter through Tuesday night into early Wednesday, per the National Weather Service.