Higher oil prices give BP a boost in Q2

Source: Xinhua | 2018-08-01

Energy giant BP says it is increasing its dividend for the first time in almost four years after second-quarter earnings quadrupled on higher oil prices and streamlined production.

Underlying replacement cost profit jumped to US$2.82 billion from US$684 million in the same quarter a year earlier. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry’s preferred gauge of earnings. Net income soared to US$2.80 billion from US$144 million.

Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices when crude dropped below US$30 a barrel in January 2016.

Brent crude was trading at US$75.30 yesterday.