BP Boosts Dividend Rate Amid Higher Oil Prices
BP reported a four percent increase to its quarterly dividend rate to 8.66 cents per share as higher oil prices offset lower upstream and refining volumes.
The energy company's underlying replacement cost (RC) profit rose to $5.73 billion or $36.92 per share from $3.2 billion in the prior quarter.
BP attributed the increase mainly to higher liquids and gas realizations, stronger realized refining margins, and a stronger customers result partly offset by higher exploration write-offs.
The company's production under its 'oil production and operations' segment fell to 1.44 million barrels of oil equivalent per day (MMboed) in the April-June quarter from 1.54 MMboed in Q1, primarily due to seasonal maintenance and continued disruption in Middle East operations.
BP's net debt decreased to $22.25 billion, and gearing stood at 22.6 percent. The company also announced it has started a process to sell its biogas business in the United States, Archaea Energy.