BP profits decline sharply but company boosts dividend and buyback plan

BP's second quarter 2022 profit fell around 70% year-on-year to $2.6 billion, missing analyst estimates.
The profit decline was attributed to lower refining margins, higher maintenance costs, and weaker oil trading results.
Despite the profit slump, BP increased its dividend by 10% and announced plans to repurchase $1.5 billion in shares.
The results follow a trend of falling profits at major oil companies as energy prices retreat from post-invasion highs.
BP says it remains focused on transitioning to low-carbon energy while delivering returns to shareholders.