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Future of British Business

BP Boosts Returns as Oil Refining and Trading Drive Profit Beat

  • Company raises dividend by 10%, accelerates buybacks
  • Sees oil, gas prices staying high due to Russian disruption
Bloomberg business news
BP Raises Dividend, Buybacks as Higher Prices Boost Profits
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BP Plc hiked its dividend and accelerated share buybacks to the fastest pace yet after an “exceptional” result in oil refining and trading lifted profits above even the highest expectations. 

The oil and gas industry is boosting returns to shareholders as the cash rolls in, even while the energy crisis triggered by Russia’s invasion of Ukraine threatens the global economy. BP said it expects prices to remain high and highlighted its investments in additional supplies.