BP profits fell 70% to $2.6 billion in Q2‎

BP announced today, Tuesday, a profit of $ 2.6 billion in the second quarter of the year, which came in below expectations and a decrease of 70% from the same period last year, due to lower fuel prices and weak oil trade. However, the giant energy company raised its cash dividends by 10%

According to “Reuters”, competing companies Shell, Exxon Mobil, Chevron and Total Energies announced a sharp decline in quarterly profits as well last week, affected by weak commodity prices and refining margins.

Net income came in below expectations of $3.5 billion, according to a company survey of analysts’ opinions.

It decreased from $8.5 billion a year ago and from $5 billion in the first quarter

BP raised cash dividends by 10% to 7.27 cents per share, the fourth increase since it was halved in the wake of the Covid pandemic three years ago. It will buy back shares worth $1.5 billion over the next three months

BP said that the weak results reflect a significant decline in refining margins, an increase in maintenance operations, and weakness in commercial operations compared to the previous quarter.

The results of its gas trade were “exceptional”, but less than in the first quarter.