BP reported a 78% jump in second-quarter underlying profit to $5.7 billion, driven by a strong price environment and higher trading performance, while operating cash flow reached $10.9 billion. The company reduced financial obligations by around $7 billion, bringing net debt down to $22.3 billion and putting it on track to meet its $14-18 billion net debt target ahead of plan. BP also announced a 4% increase in its dividend per share and outlined plans to simplify its portfolio, including marketing Archaea Energy and the North Sea business, as part of a broader effort to focus on higher-return assets. CEO Meg O'Neill set five priorities to improve performance, including strengthening the balance sheet, simplifying the portfolio, and driving cost efficiency, while acknowledging that past performance has not met expectations. The company recorded net adverse adjusting items of around $1.1 billion, including post-tax impairments of approximately $800 million, and upstream production fell 6% quarter-over-quarter to 2.2 million barrels of oil equivalent per day due to maintenance and operational issues.
BP PLCBP posts 78% profit surge, raises dividend, and reduces debt, signaling strong financial performance and shareholder returns.