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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."

Statue of KKK leader removed from side of Tennessee highway

Members of the Fraternal White Knights of the Ku Klux Klan participate in Nathan Bedford Forrest Birthday march. Photo: Spencer Platt/Getty Images

A statue of Confederate Gen. Nathan Bedford Forrest, the first Ku Klux Klan grand wizard, was removed Tuesday from the side of a highway in Nashville, Tennessee.

Why it matters: The move to take down the 25-foot statue comes amid renewed scrutiny of Confederate memorials. Dozens of Confederate symbols have been removed, relocated or renamed since George Floyd's death last year.