have also reported sharp drops in quarterly earnings, hurt by a drop in energy prices from highs hit following Russia's invasion of Ukraine a year and a half ago.
BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts.BP increased its dividend by 10% to 7.27 cents per share, the fourth hike since halving it in the wake of the coronavirus pandemic three years ago. It will repurchase $1.5 billion of its shares over the next three months.the pace of its quarterly buyback programme to $1.75 billion from $2.
For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.