BP profit declines by 70% in Q2 of 2023 – report

UK oil and gas major BP has reported on Tuesday a decline in profits by 70 percent to record $2.6 billion (£2 billion) for the second quarter of the year, down from $8.5 billion in the same period last year.

Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. The second-quarter result compared with a profit of $4.96 billion recorded in the first three months of the year.

BP will increase its shareholder dividends by 10 percent to $2.3bn, despite the fall in profits. It will also return a further $1.5bn to investors through a share buyback over the next three months.