, down from $8.5bn a year earlier. That was lower than the $3.5bn analysts had been expecting, echoing similarly disappointing numbers at rival Shell last week. On Tuesday, BP announced a 10pc increase in its dividend and pledged $1.5bn more in share buybacks, following $3.9bn worth in the first and second quarters. Bernard Looney, BP's chief executive, said the numbers reflected lower profit margins at the company's refining operations, due to work being carried out. He added: 'We're delivering our strategy at pace – we've started up two major oil and gas projects to help keep energy flowing today and we're accelerating our transformation through our five transition growth engines. 'And we're delivering for shareholders, growing our dividend and announcing a further share buyback. 'This reflects confidence in our performance and the outlook for cash flow, as well as continued progress reducing our share count.' It means BP's first-half profits came in at $7.6bn, down from $14.7bn during the same period last year – when oil and gas prices rocketed after the outbreak of the Ukraine war. The results come a day after Rishi Sunak announced new oil and gas projects in the North Sea, in a bid to boost Britain's energy security. His push has angered climate activists, who are campaigning for an end to all new licensing in the UK. On Tuesday morning, Charlie Kronick, senior climate advisor at Greenpeace UK, said: 'BP posting billions in profits while wildfires and floods continue to wreak havoc around the world shows us who really benefits from Rishi Sunak's climate policy U-turns. 'Handing out new oil and gas licences will do nothing to improve our energy security, or address either the climate crisis or the cost of living facing people across the UK, instead allowing companies like BP and Shell to rake in e){kind=link}
Oil giant posts plunge from highs of $8.5bn after outbreak of Ukraine war
Oil giant BP has reported a 70pc drop in profits on the back of lower oil and gas prices.
The FTSE 100 company on Tuesday posted second-quarter profits of $2.6bn (£2bn), down from $8.5bn a year earlier.
That was lower than the $3.5bn analysts had been expecting, echoing similarly disappointing numbers at rival Shell last week.
On Tuesday, BP announced a 10pc increase in its dividend and pledged $1.5bn more in share buybacks, following $3.9bn worth in the first and second quarters.