Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Photographs Information | Getty Photographs
Britain’s BP on Tuesday posted stronger-than-expected second-quarter revenue, following a interval of heightened volatility for world oil and gasoline costs.
The struggling vitality main reported underlying substitute value revenue, used as a proxy for web revenue, of $2.35 billion for the three months by way of June. That comfortably beat analyst expectations of $1.81 billion, in keeping with an LSEG-compiled consensus.
BP’s web revenue got here in at $2.76 billion over the second quarter of final yr and $1.38 billion within the first three months of 2025.
BP mentioned its quarterly dividend will improve to eight.32 cents from 8 cents and that it’s going to keep the tempo of its share buyback program at $750 million for the second quarter.
The outcomes come as BP continues to attempt to rebuild investor confidence following a protracted interval of underperformance relative to its business friends.
“Contained in the upstream, we have had large efficiency, together with document working effectivity [and] together with beginning up 5 new main tasks,” BP CEO Murray Auchincloss advised CNBC’s “Squawk Field Europe” on Tuesday.
“We have had large exploration success, 10 industrial exploration discoveries this yr and yesterday we introduced our most enjoyable, the Bumerangue discovery in Brazil,” Auchincloss mentioned.
The London-listed firm on Monday introduced its largest oil and gasoline discovery in 25 years off the coast of Brazil, reflecting a probably vital enhance because it continues to double down on hydrocarbons.
BP has not too long ago been the topic of intense takeover hypothesis, prompting home rival Shell to say in late June that it had “no intention” of creating a proposal.
Shares of the corporate are up round 3.3% year-to-date.
BP’s web debt got here in at $26.04 billion on the finish of the second quarter, down from almost $27 billion in comparison with the primary three months of the yr.
Requested whether or not the corporate had been approached by potential suitors amid ongoing takeover hypothesis, Auchincloss mentioned BP is targeted on progress.
“That is what’s going to drive the share value up for shareholders,” he added.
