BP Boosts Dividend After Profit Hits 14-Year High

BP Boosts Dividend After Profit Hits 14-Year High
The logo of the multi-national oil and gas company BP (British Petroleum) at a petrol station in Tonbridge, south east of London on April 30, 2022. Ben Stansall/AFP via Getty Images
Reuters
Updated:

LONDON—BP’s second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.