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BP reports its earnings tripled from rising gas, oil prices

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The good news for BP shareholders was bad news for consumers as soaring energy prices contribute to the cost-of-living crisis in Britain and around the world.

The Associated PressLONDON — BP’s earnings tripled in the second quarter as the British energy giant profited from oil and natural gas prices that soared after Russia invaded Ukraine.

The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10% and announcing that it would buy back $3.5 billion in shares. BP said it expects to increase dividends by about 4% annually through 2025.

 

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