BP reports stronger results in Q2, boosts dividends and buybacks
Oil and gas giant BP said its dividends have increased by 4 percent, in which their share buybacks after second-quarter profit increased to US $2.8 billion, beating expectations.
BP said that it plans to repurchase US $1.4 billion of its own shares in the coming months. The company also expected to buy back US $1 billion per quarter.
“BP expects to be able to deliver buybacks of around US $1.0 billion per quarter and have capacity for an annual increase in the dividend per ordinary share of around 4 percent, through 2025,” said the company in the statement, based on an estimated average oil price of US $60 per barrel.
