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BP Makes a Splash with $2.8 B Profit & Boosts Dividend
Quarterly Highlights
- Net Profit Q2: $2.8 B – beating analysts’ $2.6 B forecast.
- Half‑Year Profit: $5.5 B (down from $7.6 B last year).
- Net Debt: Reduced to $22.6 B thanks to strong cash flow.
Management Moves
- Kate Thomson, CFO, says the firm’s cash flow is “strong” and credits this to lower debt.
- Dividend hike: 10% increase, reflecting confidence in future cash generation.
- Buy‑back commitment extended into Q4 2024.
- Murray Auchincloss, CEO, opens the year with a pledge to cut costs and build momentum toward 2025.
Critics’ Take
Global Witness’ Alice Harrison remarks that as the planet heats up, many people hope for urgent climate action, but BP seems instead to focus on its profits. “BP is raking in billions while the world contends with rising temperatures and higher bills,” she says.
What This Means for Shareholders
With a dividend boost and a buy‑back pledge, investors may be pleased. Yet for climate advocates, the move feels like a missed opportunity to pivot toward cleaner energy.
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