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BP’s 2Q profit 4 times higher than last year

BP has reported a profit of $2.8 billion for the 2nd quarter of 2018.

BP’s 2Q profit 4 times higher than last year BP’s 2Q profit 4 times higher than last year


London, July 31 - Neftegaz.RU. British oil major BP has reported a profit of $2.8 billion for the 2nd quarter of 2018. This was, the company says, 4 times the amount reported for the same period in 2017.

 

Upstream reported the strongest quarter since the 3rd quarter of 2014, coming at an underlying RC profit before interest and tax of $3,5 billion, up from $710 million a year ago.

 

Production for the quarter was 2,465mboe/d, 1.4% higher than the 2nd quarter of 2017. Underlying production for the quarter increased by 9.6%, due to the ramp-up of major projects.

 

Looking ahead, BP expects 3rd-quarter reported production to be broadly flat with the second quarter with continued seasonal turnaround and maintenance activities.

 

Bob Dudley, CEO of BP,  said the company would be increasing its dividend for the 1st time in almost 4 years. «This reflects not just our commitment to growing distributions to shareholders but our confidence in the future,» he said.

 

The dividend was increased 2.5% to 10.25 cents a share, the 1st rise since the 3rd quarter of 2014.

 

To read the news in Russian.

 

Source : Neftegaz.RU