British energy major BP reported second-quarter results, with underlying replacement cost profit, equivalent to net profit, more than doubling from a year earlier to $5.73 billion, beating analyst forecasts of $5.11 billion. Higher oil and gas prices and wider refining margins contributed, and the quarterly dividend was raised 4% to $0.0866 per share. The 2026 capital expenditure plan has been revised up to $13.5 billion to $14 billion, from the previous $13 billion to $13.5 billion. CEO Meg O'Neill outlined five priorities including strengthening the balance sheet and tightening investment discipline, while the company is cutting renewable energy investments and has begun the sale process for its US biogas business Archaea.
BP PLCQ2 profit more than doubled to $5.73B, beating forecasts, and dividend raised 4%