A BP gas station in Madrid, Spain.
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LONDON — U.K. oil giant BP on Tuesday raised its dividend and boosted share buybacks after tripling second-quarter profits on robust refining margins and trading.
The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion.
That compared with a profit of $6.2 billion in the first three months of the year and $2.8 billion for the second quarter of 2021. Analysts had expected BP to report first-quarter profit of $6.3 billion, according to Refinitiv.
BP also announced a 10% increase in its quarterly dividend payout to shareholders, raising it to…