BP Keeps Buyback Steady, Hikes Dividend as Profit Stabilizes
- Company gives go-ahead to Kaskida oil field in Gulf of Mexico
- BP boosts dividend by 10%, will buy back $3.5 billion of stock
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BP Plc maintained the pace of share buybacks and increased its dividend as strong second-quarter earnings from pumping crude offset weakness in other parts of the business.
In an effort to secure the future of its profitable upstream division, BP also gave the go-ahead to the Kaskida oil project in the US Gulf of Mexico, potentially the first in a series of new developments in the region. The company, which has embraced the transition to clean energy more vigorously than most of its peers, expects fossil-fuel production to grow this year.