Overview

• BP reported an underlying replacement cost profit of $2.35 billion for the second quarter, exceeding analyst expectations of $1.81 billion.
• The company announced its most significant oil and gas discovery in 25 years off Brazil’s coast, marking a major advance in its hydrocarbon strategy.
• BP launched a $750 million share buyback and raised its quarterly dividend by 4% to 8.32 cents per share to bolster investor returns.
• First-half revenue declined 2.7% to $95.6 billion year-on-year, while profit before tax rose slightly to $6.0 billion from $5.9 billion.
• Profit in the gas and low-carbon energy division fell nearly 20% to $2.5 billion and oil production and operations earnings dropped over 16% to $5.2 billion.