UK-based BP plans $7bn stock buyback despite 30% profit decline, amidst climate change criticism.
UK-based oil giant BP plans to return $7bn to shareholders through stock buybacks, despite a 30% decline in profits for the first half of 2024. Profits fell to $5.5bn from $7.6bn the previous year, largely due to lower earnings from its refining business. Despite this, BP's Q2 profit was $2.8bn, slightly higher than expectations. The company will continue its share buyback program and increase its dividend by 10%. Critics argue that BP is not doing enough to address climate change, as it continues to focus on high-carbon activities and relegate green investments.
July 30, 2024
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