UK-based energy giant and LNG player BP reported a sharp increase in profit during the second quarter of the year.
BP’s underlying replacement cost profit, the company’s version of net profit, for the second quarter was $2.8 billion, four times the reported $684 million in the corresponding period in 2017.
Speaking of the results, BP’s chief executive, Bob Dudley said the company is progressing against its strategy and plans. BP brought two projects online during the period and expanded its portfolio through acquisitions such as BHP’s US onshore assets.
“Given this momentum and the strength of our financial frame, we are increasing our dividend for the first time in almost four years,” Dudley said.
Dividend was increased 2.5 percent to 10.25 cents a share, the first rise since the third quarter of 2014.
Production in the quarter was 3.6 million barrels of oil equivalent a day, while upstream production, excluding Rosneft, was 1.4 percent higher than a year earlier, driven by rising output from new major projects.
With start-ups in Azerbaijan, Russia and Egypt, the company has brought three projects online out of the six expected to start in 2018.