Oil major BP posts 70% drop in second-quarter profit, raises dividend by 10%
Publishing timestamp: 2023-08-01 06:05:16
Summary
BP reported a nearly 70% drop in second-quarter profits due to weaker fossil fuel prices, but still boosted its dividend and announced a share buyback program. The company has faced criticism for scaling back its climate commitments, but CEO Bernard Looney defended the decision, emphasizing the need for a rapid and orderly energy transition. BP also plans to continue investing in the North Sea despite concerns about its impact on energy security and climate change.
Sentiment: MIXED
Tickers: SHEL-GB, TTE-FR, BP.-LN,
Keywords: business news, earnings, energy, oil and gas, breaking news: europe, business,
Source: https://www.cnbc.com/2023/08/01/bp-q2-earnings-2023.html