BP reported that attributable profit for the second quarter came in at USD 1.79 billion, a significant decline compared to USD 9.26 billion a year earlier and USD 8.22 billion in the first quarter of 2023. Underlying replacement cost profit for the quarter also decreased to USD 2.59 billion, down from USD 8.45 billion a year ago and USD 4.96 billion in the first quarter. Despite the challenges of turnaround activities and weak refining margins, BP highlighted the resilience of the second quarter, delivering good cash performance.

In a positive move for shareholders, BP announced a dividend of 13.88 cents per share, up from 11.466 cents per share a year ago. Moreover, the company revealed plans for a new share buyback program, which will be completed before the third-quarter results are reported. Under this program, BP will repurchase an additional USD 1.5 billion worth of shares, slightly lower than the just-completed buyback of USD 1.75 billion.

Looking ahead, BP has maintained its outlook, with a commitment to repurchasing USD 4.0 billion worth of shares annually. This demonstrates the company’s confidence in its future prospects and commitment to rewarding its investors.