BP posts Q2 profit of €8.25bn, hikes dividend

“Today’s results show that BP continues to perform while transforming,” Chief Executive Officer Bernard Looney said in a statement on Tuesday.

BP Plc hiked its dividend and accelerated share buybacks to the fastest pace yet after profits surged.

The oil and gas industry is boosting returns to shareholders as the cash rolls in, even while the energy crisis triggered by Russia’s invasion of Ukraine threatens the global economy. BP said it expects prices to remain high and highlighted its investments in additional supplies.