8/2, 8:13 AM (Source: TeleTrader)
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BP's net profit at $8.5B in Q2, highest in 14 yrs

British oil and gas company BP plc stated on Tuesday that its second-quarter underlying replacement cost profit, used as a measure of net profit, was $8.5 billion, the highest in 14 years.

On the other hand, the company published that profit for the second quarter of 2022 attributable to bp shareholders came in at $9.3 billion. The result is much better than the $3.1 billion in last year's second quarter "largely as a result of higher realizations." Moreover, the net debt stood at $22.8 billion while announcing a 10% rise in the period's dividend payout to shareholders, to 6.006 cents per ordinary share.

"Today's results show that bp continues to perform while transforming. Our people have continued to work hard throughout the quarter, helping to solve the energy trilemma – secure, affordable, and lower carbon energy. We do this by providing the oil and gas the world needs today – while at the same time, investing to accelerate the energy transition," said Bernard Looney, Chief Executive Officer.

Baha Breaking News (BBN) / JG