BP profits triple to $8.5bn as energy prices soared – business live

Key events 12m ago Labour: More eye-watering profits for oil and gas producers 34m ago BP boosts dividend 50m ago BP profits triple to $8. 5bn 1h ago Introduction: BP to post high profits Filters BETA Key events ( 4 ) BP ( 9 ) Bernard Looney ( 2 ) Nancy Pelosi ( 1 ) Exxon ( 1 ) Domino ( 1 ) 12m ago 02. 46 Labour: More eye-watering profits for oil and gas producers BP has reported ‘eye-watering profits’ at a time when the public are very worried about their energy bills jumping in the autumn, says Rachel Reeves MP, Labour’s Shadow Chancellor.

. css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “People are worried sick about energy prices rising again in the autumn, but yet again we see eye-watering profits for oil and gas producers.

“Labour argued for months for a windfall tax on these companies to help bring bills down, but when the Tories finally u-turned they decided to hand billions of pounds back to producers in tax breaks. That is totally wrong. “It’s clear people need greater protection from rising bills.

That’s why Labour would use this money now to help people get through the winter. “But we can’t carry on like this. Labour would bring down energy bills for good with a green energy sprint for home-grown power, and a 10-year warm homes plan to cut bills for 19 million cold, draughty homes.

” Fracking firms could share in UK fossil fuel tax breaks worth billions Read more 16m ago 02. 41 Today’s results show that bp continues to “perform while transforming”, the company’s CEO Bernard Looney says: . css-knbk2a{height:1em;width:1.

5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} Our people have continued to work hard throughout the quarter helping to solve the energy trilemma – secure, affordable and lower carbon energy. We do this by providing the oil and gas the world needs today – while at the same time, investing to accelerate the energy transition. 20m ago 02.

38 This is BP’s highest profit in 14 years, Reuters points out — just as families face winter energy bill pain. As households face another rise in energy bills this winter #BP announces quarterly profits of $8. 45 billion – 2nd highest profit in its history – 3 times as much as last year.

We discuss #WorldBusinessReport 0745 @BBCWorld https://t. co/IYZAvvbL8Y — Sally Bundock (@SallyBundockBBC) August 2, 2022 22m ago 02. 36 BP will also funnel profits to shareholders through a new share buyback programme.

The company has announced it will conduct $3. 5bn of share buybacks — a way of returning cash to shareholders. BP can afford this because it generated surplus cash flow of $6.

6bn in the last quarter, saying: . css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} bp has now announced share buybacks from 2021 and first-half 2022 surplus cash flow equivalent to 60% of the cumulative surplus cash flow.

BP also executed share buybacks of $2. 3bn in the last three months. 29m ago 02.

28 BP’s profits soared to $8. 5bn due to strong refining margins, continuing “exceptional” oil trading performance and higher energy prices. 34m ago 02.

24 BP boosts dividend BP is lifting its payout to shareholders by 10%, as investors reap the rewards from its jump in profits. The company will pay a dividend of just over 6 cents per share, up from 5. 46 cents per share in the first quarter of the year.

39m ago 02. 19 The $8. 5bn profits which BP made in the last quarter is significantly higher than analyst forecasts (of $6.

8bn). So far this year, BP has made underlying replacement cost profits of $14. 7bn — almost triple the $5.

4bn in the first half of 2021. 50m ago 02. 07 BP profits triple to $8.

5bn BP has tripled its underlying profits in the last quarter, as it benefitted from soaring energy price. The energy giant has reported underlying replacement cost profit of $8. 45bn (£7bn) in April-June, up from $2.

8bn in the second quarter of 2021. That’s also even higher than the underlying replacement cost profit of $6. 2bn it made in Q1, which was the highest for 10 years.

Updated at 02. 14 EDT 1h ago 01. 49 Laura Hoy , an equity analyst at Hargreaves Lansdown , predicts ( via the Daily Mail ): .

css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} ‘BP will continue to reap the reward of elevated oil prices in the second quarter with healthy profits expected. ‘BP has promised further share buybacks to the tune of $2.

5billion (£2. 1billion) in the second quarter, to return a portion of surplus cash flow to investors, though no shareholder returns are guaranteed. ’ 1h ago 01.

42 Introduction: BP to post high profits Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets. BP’s chief executive Bernard Looney famously, or notoriously, described his company as a ‘cash machine’ last November . And today, we discover how much profits BP made in the last quarter as the Ukraine war drove up energy costs.

BP could report its highest profit in more than a decade, reigniting controversy over energy companies making money during an energy crisis. The industry has benefited from soaring oil and gas prices that have left millions of UK households struggling to pay their bills, which are set to soar over £3,000 per year this winter. UK energy bills forecast to hit £3,850 as Russia cuts gas supply further Read more Analysts predict BP’s underlying earnings could hit $6.

8bn for the three months to June, more than double the $2. 8bn of a year earlier. We’ll find out when BP’s results are released at 7am .

That’s even higher than the $6. 2bn ‘underlying replacement cost profit’ BP made in the first quarter of the year, due to high operating-cash generation, strong oil-and-gas trading and a significant improvement in refining margins. BP’s fellow oil supermajors have already reported eye-watering earnings for the last quarter, with Shell making adjusted profits of $11.

5bn. . .

and Exxon reporting an unprecedented $17. 85bn. Shell and Centrica post profits totalling £11bn as households struggle with bills Read more Oil company profits boom as Americans reel from high fuel prices Read more Also coming up today High street bakery Greggs, drinks group AG Barr, pizza delivery firm Domino’s building materials supplier Taylor Wimpey are also reporting results, while building society Nationwide is releasing its latest house price data.

British Airways has reportedly suspended the sale of short-haul flights from Heathrow for at least a week, adding to the problems facing holidaymakers this summer. Thousands of seats being removed from sale, as BA complies with Heathrow’s cap of 100,000 passengers per day. It will push already high prices up further across the industry, points out The Times.

British Airways suspends Heathrow short-haul ticket sales – report Read more Stock markets are somewhat jittery this morning, as traders brace for US House Speaker Nancy Pelosi’s expected arrival in Taipei this week, as tensions between Washington and Beijing rise. US says Beijing has no reason to turn Pelosi’s expected Taiwan visit into a ‘crisis’ Read more Brent crude has dropped below $100 per barrel overnight, as recession fears also rise after weak factory growth figures yesterday. The agenda 7am BST: BP Q2 results released 7am BST: Greggs, AG Barr, Travis Perkins and Domino’s also report results 7am BST: Nationwide house price index for July 3pm BST: US JOLTS survey of job openings in June Updated at 01.

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