Tags: EU | Britain | Earns | BP

BP Gets Q2 Boost from Higher Oil Prices; Earnings Quadruple

Tuesday, 31 July 2018 03:39 AM

LONDON (AP) — Energy giant BP says it is increasing its dividend for the first time in almost four years after second-quarter earnings quadrupled on higher oil prices and streamlined production.

Underlying replacement cost profit jumped to $2.82 billion from $684 million in the same quarter a year earlier. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings. Net income soared to $2.80 billion from $144 million.

Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices when crude dropped below $30 a barrel in January 2016. Brent crude was trading at $75.30 on Tuesday.

CEO Bob Dudley says the 2.5 percent dividend increase reflects "our confidence in the future."

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Energy giant BP says it is increasing its dividend for the first time in almost four years after second-quarter earnings quadrupled on higher oil prices and streamlined production.Underlying replacement cost profit jumped to $2.82 billion from $684 million in the same...
EU,Britain,Earns,BP
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2018-39-31
Tuesday, 31 July 2018 03:39 AM
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