BP Caps Big Oil Earnings Season With Focus on Cash for Investors
- Dividend increases by 10%, $1.5 billion of buybacks announced
- Oil majors are boosting returns despite falling profits
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BP Plc hiked its dividend and promised to buy back more shares, capping a second-quarter earnings season that has seen Big Oil continue to prioritize returns to investors.
The London-based company raised its dividend by 10% and said it would buy back another $1.5 billion of shares, even as its profit fell by more than expected. It was following the pattern set by Shell Plc, TotalEnergies SE, ExxonMobil Corp. and Chevron Corp., all of which have kept the cash flowing back to their shareholders even as the surge in energy prices that spurred last year’s record earnings has abated.