BP logs 70% dip in second-quarter net profit, raises dividend by 10%

BP’s second-quarter profit slumped 70 per cent from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10 per cent.

Rivals Chevron, Exxon Mobil, Shell and TotalEnergies have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs hit following Russia’s invasion of Ukraine a year and a half ago.

“Our underlying performance was resilient with good cash delivery – during a period of significant turnaround activity and weaker margins in our refining business,” CEO Bernard Looney said.