Profits soar driven by strong oil trading
The BP logo is seen at a petrol station in Pienkow, Poland. File photo: REUTERS/KACPER PEMPEL
“The company is running well and it continues to strengthen. We have real strategic momentum,” CEO Bernard Looney said.Looney, who took office in 2020 with a vow to rapidly shift BP away from fossil fuels to renewables, said that the company will increase its spending on new oil and gas by $500m in response to the global supply crunch.
The company said it expected crude oil and gas prices as well as refining margins to remain “elevated” in the third quarter and said it would stick to its target of using 60% of its surplus cash on share buybacks.
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