Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Pictures Information | Getty Pictures
Britain’s BP on Tuesday posted stronger-than-expected second-quarter revenue, following a interval of heightened volatility for world oil and fuel costs.
The struggling power main reported underlying alternative value revenue, used as a proxy for web revenue, of $2.35 billion for the three months via 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 12 months and $1.38 billion within the first three months of 2025.
BP stated its quarterly dividend will enhance to eight.32 cents from 8 cents and that it’ll 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 trade friends.
“Contained in the upstream, we have had large efficiency, together with document working effectivity [and] together with beginning up 5 new main initiatives,” BP CEO Murray Auchincloss advised CNBC’s “Squawk Field Europe” on Tuesday.
“We have had large exploration success, 10 business exploration discoveries this 12 months and yesterday we introduced our most fun, the Bumerangue discovery in Brazil,” Auchincloss stated.
The London-listed firm on Monday introduced its largest oil and fuel discovery in 25 years off the coast of Brazil, reflecting a probably important increase because it continues to double down on hydrocarbons.
BP has just lately been the topic of intense takeover hypothesis, prompting home rival Shell to say in late June that it had “no intention” of constructing a suggestion.
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 12 months.
Requested whether or not the corporate had been approached by potential suitors amid ongoing takeover hypothesis, Auchincloss stated BP is targeted on development.
“That is what’s going to drive the share value up for shareholders,” he added.
That is breaking information. Please refresh for updates.
Keep forward of the curve with NextBusiness 24. Discover extra tales, subscribe to our e-newsletter, and be part of our rising neighborhood at nextbusiness24.com