Trending: BP Beat Market Views, Lifted Dividend Payout

1100 GMT - BP is among the most mentioned companies across news items over the past 5 hours, according to Factiva data, after the British oil-and-gas giant's second-quarter profit beat market expectations. The company reported an underlying replacement-cost profit of $2.76 billion compared with a consensus of $2.54 billion and last year's $2.59 billion, becoming the latest European energy major to exceed expectations despite weaker refining margins. Like Eni and Galp last week, BP pumped out more hydrocarbons in the quarter than it did last year amid higher crude-oil prices and stable natural-gas prices relative to the first quarter. As a result, BP hiked its quarterly dividend payout 10% to 8.00 cents a share, while it confirmed its share buyback commitment at $3.50 billion for the second half of the year. "Our decision to increase our dividend by 10%, and extend our buyback program commitment to 4Q 2024, reflects the confidence we have in our performance and outlook for cash generation," Chief Financial Officer Kate Thomson said. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

July 30, 2024 07:19 ET (11:19 GMT)

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