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BP profit jumps, hikes dividends for first time since 2014

by Purvai Dua

BP has reported $2.8bn in second-quarter profit, four times the amount it reached last year, amid higher oil prices.

The oil giant has also hiked its dividend for the first time in four years– the dividend was increased by 2.5 per cent to 10.25 cents a share.

BP’s underlying replacement cost profit also exceeded forecasts of $2.7bn, according to a company-provided survey of analysts.

It earned $0.7bn a year earlier and $2.6bn in the first quarter.

“We changed our strategic direction six quarters ago, this is the sixth quarter in a row we’ve been at or above expectations. The company’s got momentum, it feels good,” chief executive Bob Dudley added.

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