BP's Q2 Profit Slumps 70% but Dividend Boosted
BP, the British oil major, reported a 70% drop in second-quarter profits due to weaker fossil fuel prices, in line with the trend seen across the energy industry. The company's underlying replacement cost profit for the quarter was $2.6 billion, lower than analysts' expectations. BP raised its dividend by 10% and announced plans to repurchase $1.5 billion of its shares. Other oil majors, including Shell, TotalEnergies, and Exxon Mobil, also reported significant declines in second-quarter profit. The drop in oil and gas prices in the first half of the year, driven by global economic concerns, impacted the industry's profitability.