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BP Raises Dividend Despite 70% Earnings Plunge ...Middle East
BP (NYSE: BP) raised its dividend even as it missed earnings estimates after reporting on Tuesday a 70% annual decline in second-quarter profit, due to lower oil and gas prices and weaker refining margins and trading business. Underlying replacement cost profit, the most closely watched metric, slumped to $2.6 billion for the second quarter, down from $5.0 billion for the first quarter and from $8.45 billion for the second quarter of 2022. BP’s earnings between April and June 2023 fell short of analyst estimates of $3.5 billion…
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