bp has reported a profit of $2.756 billion (£2.14bn) for the second quarter, up from $2.5 billion (£1.9bn) last year and higher than the $2.723 billion (£2.12bn) reported in the first quarter.
This result is above the expected $2.6 billion (£2.02bn).
The profit increase is due to steady performance in gas marketing and trading, lower refining margins, better fuel margins and reduced taxation.
bp’s operating cash flow was $8.1 billion (£6.3bn) and net debt decreased to $22.6 billion (£17.5bn).
bp’s upstream plant reliability was 96.1% and refining availability was 96.4%.
The company has announced an 8 pence dividend per share and a $1.75 billion (£1.36bn) share buyback for the quarter.
This is part of a $3.5 billion (£2.7bn) share buyback plan for the first half of 2024, with another $3.5 billion (£2.7bn) planned for the second half.
Murray Auchincloss, bp’s Chief Executive Officer said: “Our businesses continue to operate safely and efficiently. We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025.
“Our recent go-ahead of the Kaskida development in the Gulf of Mexico business, and decision to take full ownership of bp Bunge Bioenergia while scaling back plans for new biofuels projects, demonstrate our commitment to delivering as a simpler, more focused and higher value company.”
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