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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

COP26 takes aim at fossil fuels — with caveats

Photo illustration: Shoshana Gordon/Axios. Photo: Horst Galuschka/picture alliance via Getty Images

A slew of big announcements at COP26 in Glasgow, Scotland, signals a growing appetite to start weaning the global economy off fossil fuels, but several key countries aren't at the table.

Driving the news: One agreement is unprecedented, but not binding, and involves 25 countries. The effort aims to end public financing of overseas oil, gas and coal projects by the end of 2022.

Ben Geman, author of Generate
Nov 4, 2021 - Energy & Environment

Bill Gates: Some oil giants won't make it

GLASGOW, Scotland Bill Gates sees a role for Big Oil companies and their skill sets in the transition to clean energy but doesn't think all the incumbents will be left standing.

Driving the news: Gates, in a briefing Wednesday, cautioned against assuming "new eras are marked by the falling of giants," but added: "Yes, some of these giants will fall, you know, 30 years from now, some of those oil companies will be worth very little."

Updated 4 mins ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Contact tracing fizzles across America — New clues emerge on long COVID — Omicron is finally burning out — It's very difficult to get access to antiviral COVID treatments — Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Virginia AG says public colleges can't mandate COVID vaccines —Alaska governor joins Texas lawsuit over National Guard vaccine mandate — Navy discharges 45 sailors for refusing vaccine — Spotify to remove Neil Young's music after his Joe Rogan ultimatum — White House: 60M households have ordered free COVID-19 rapid tests.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker