U.K.-based oil giant BP PLC said it will reward shareholders to the tune of $7 billion this year through the purchase of its own stock, even as it reported a near 30% decline in profits in the first half of 2024.
LONDON — U.K.-based oil giant BP PLC said Tuesday it will reward shareholders to the tune of $7 billion this year through the purchase of its own stock, even as it reported a near 30% decline in profits in the first half of 2024.
Despite the first half decline, BP’s second quarter profit of $2.8 billion was modestly higher than expectations, which helped the stock rally 1.3% in morning trading in London to 4.60 pounds. Also boosting the share price was the news that BP was planning to continue with its share buyback program during the second half of the year and a 10% increase in its dividend.
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