BP Reports $2.8 Billion Profit, Prioritizes Oil and Gas Investments

The energy giant scales back green initiatives, boosts dividends, and announces significant share buybacks.

BP's second-quarter profit of $2.8 billion exceeded analyst expectations.
The company plans $7 billion in shareholder returns through dividends and buybacks this year.
BP is scaling back on biofuels and offshore wind projects under new CEO Murray Auchincloss.
A $1 billion writedown is associated with reduced operations at a German refinery.
BP's shift in strategy reflects a focus on higher-value, fossil fuel-based developments.