BP’s Profit Upside: Cash Flow, Dividends, and Climate Follies
BP’s second‑quarter earnings landed at $2.8 billion—a tidy $200 million over analysts’ $2.6 billion forecast. The half‑year haul of $5.5 billion dips below last year’s $7.6 billion, proving that even oil giants can feel the heat.
Financial Highlights
- Cash Flow: Operating cash surged, trimming net debt to $22.6 billion.
- Dividend Boost: Shareholders now enjoy a 10 % raise—fuelled by the firm’s confidence in steady cash generation.
- Buyback Commitment: The buy‑back programme extends through Q4 2024, underlining the “we’re on a roll” mantra.
Corporate Voice
Kate Thomson, CFO, declares, “Strong operating cash flow helped cut net debt.”
Murray Auchincloss, the new CEO, adds, “We’re tightening costs and driving momentum toward 2025.”
Climate Critique
Alice Harrison of Global Witness says, “While the world faces record‑breaking heat, BP seems oblivious. Millions wrestle with soaring bills; BP pockets billions, pays hefty dividends, and doubles down on new oil and gas ventures.”
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