BP announces 4% increase in dividends, shares rise

BP share price
BP confirmed dividend would remain at 10c per share

BP’s second-quarter profits hit $28bn – higher than analyst expectations, leading the group to announce a 4% increase in dividends.

The oil giant’s dividends are now 5.46 cents, representing a recovery from the pandemic.

Chief executive Bernard Looney said: “We are a year into executing bp’s strategy to become an integrated energy company and are making good progress – delivering another quarter of strong performance while investing for the future in a disciplined way.”

“This shows we continue to perform while transforming BP – generating value for our shareholders today while we transition the company for the future.”

Shares in the group were up almost 15% year-to-date on Tuesday morning. They have plunged almost 47% in 2020. BP shares were up by 2.3% on Tuesday’s opening.