BP Q2 Profit Tops Forecasts, Raises Dividend

BP reported a second-quarter underlying replacement cost profit of $2.35 billion, surpassing analyst expectations of $1.8 billion, though down from $2.76 billion a year earlier. The company's strong performance was driven by robust refining margins and oil trading despite lower oil and gas prices. BP announced a 4% increase in its quarterly dividend to 8.32 cents per share and maintained its $750 million quarterly share buyback. CEO Murray Auchincloss highlighted ongoing portfolio reviews, further cost-cutting, and a divestment plan targeting $20 billion in asset sales by 2027, with $3 billion already completed. BP has achieved $1.7 billion in cost savings so far, aiming for $4–5 billion by 2027. In related industry news, Marathon Petroleum also exceeded second-quarter profit estimates on strong refining margins.