Energy crisis intensifies & bp’s profits increase

bp‘s profits hit $8.45bn (£6.9bn), more than three times the quantity it made in the same period the previous year.

Like peers, the company was able to capture the benefit of high energy prices translated into the 2nd highest number in the firm’s history.

In its second quarter outcome presented today, bp stated its net debt has dropped for the 9th quarter in a row and disclosed a further $3.5bn share buyback.

Following the disclosure, speaking to Sky News shadow climate change minister Kerry McCarthy stated that those having difficult time with the increasing cost of living will find it “quite shocking” that bp has reported that profit.

With saying that the similar profits disclosed by Shell and Centrica, Ms McCarthy stated: “It is clearly a pattern they are doing very well out of this situation. And yet we have got this cost of living crisis and it’s quite scary the extent to which bills are predicted to go up.”

“While the buyback was lifted as it was for peers, it was the dividend increase that most unexpectedly surprised, as bp elected to raise it 10% or above the long run guidance growth rate, Jamie Maddock, Equity Research Analyst at the investment management firm Quilter Cheviot, stated.

“Profitability was such that while the dividend was hiked and the 3rd quarter buybacks was increased, debt reduction also continued apace.”

“Today’s results show that bp continues to perform while transforming, Bernard Looney, bp’s Chief Executive Officer, stated.

“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.”

Energy crisis intensifies & bp’s profits increase

, , , , , , , , , , , , , , , , , ,
Previous Post
£3616 energy bills to be faced
Next Post
Do chickens & eggs have effect on carbon emissions?

Related Posts

EU set to have carbon price on certain imports

EU set to have carbon price on certain imports: Now being called for by the Members of the European Parliament (MEPs) that less climate-ambitious countries will have a carbon price on certain imports to raise global ambition on climate change. A resolution on the World Trade Organisation-compatible has been adopted by Parliament that EU Carbon…
Read More

Iberdola profits soar to €2.68bn in first 9 months of 2020

Iberdola profits soar to €2.68bn in first 9 months of 2020: The Spanish renewable energy titan Iberdrola announced for the first nine months of the year, a 4.7% net profit growth to €2.68 billion (£2.4bn). The company accredit this progress to an increase in installed renewable volume & the operational efficiency of its renewable business.…
Read More

Subscribe to our newsletter!

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

British Utilities will use the information you provide on this form to be in touch with you and to provide updates and marketing.