 a barrel in the last three months, compared to the $112 (£87.90) a barrel they reached in the second quarter of last year. BP boss Bernard Looney said the company is now focused on keeping energy flowing and has increased capacity by starting two new oil and gas projects in the Gulf of Mexico and in India. He said: 'We're accelerating our transformation.' The company pleased the market by raising its dividend and promising to buy back shares. Laith Khalaf, head of investment analysis at AJ Bell, said: 'BP claimed it would spend up to $1.5billion (£1.3billion) on share buybacks up to the end of October. 'That announcement, together with news of a 10 per cent dividend hike, was enough to please investors and shift the attention away from a big fall in second quarter profits.' Looney said the dividend hike reflected the company's confidence in its strategy. Stout growth 3 The Irish stout enjoyed by the Princess of Wales on St Patrick's Day has soared in popularity as more women and younger adults indulge Credit: AFP GUINNESS has had the best year in its 264-year-history, reckons owner Diageo. The Irish stout enjoyed by the Princess of Wale){kind=link}
BP’S profits fell by more than two-thirds to £2billion over the last three months.
The oil giant blamed the 70 per cent drop on planned maintenance work and lower margins in its refining business.
A year ago it made £6.6billion in three months as fuel prices surged following the invasion of Ukraine.
Victoria Scholar, head of investment at Interactive Investor, said: “BP’s results echo those of its rivals like Shell, suffering from lower profits amid tough year-on-year comparables.
“Since the highs in June 2022, global oil prices have been struggling.