BP Follows Big Oil Peers by Increasing Buybacks and Dividend

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BP Follows Big Oil Peers by Increasing Buybacks and Dividend

Bloomberg2021-08-03

(Bloomberg) --BP Plc followed its Big Oil peers by increasing dividends and share buybacks as higher crude prices boosted profit. The oil majors -- with the notable exception of Exxon Mobil Corp. -- ...

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Dwnt
·2021-08-03
[What]
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DLIM
·2021-08-03
There's light at the end of tunnel. Global demand for fossil fuels will continue while transition to alternative and renewable energy.
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- ACECHUA:
  Nice
  2021-08-04
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ST04
·2021-08-03
Hi
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gingar
·2021-08-03
Hi
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Their goal is to woo investors who are becoming increasingly wary about the future of the fossil fuels in a changing climate.\nBP posted “another quarter of strong performance while investing for the future in a disciplined way,” Chief Executive Officer Bernard Looney said in a statement on Tuesday. “We are increasing our resilient dividend by 4% per ordinary share, and in addition we are commencing a buyback of $1.4 billion from first half surplus cash flow.”\nBoth are significant pledges that go further than the distributions policy outlined earlier this year. The turnaround reflects the impact of higher energy prices, but also demands from shareholders, who weren’t happy in early 2021 with BP’s plans.\nThe London-based company’s second-quarter adjusted net income was $2.8 billion, compared with a loss of $6.68 billion a year earlier, according to the statement. That was above the average estimate of $2.13 billion in a Bloomberg poll of 19 analysts.\nHaving surpassed its net debt target of $35 billion in the first quarter, BP said it would return at least 60% of surplus cash flow to shareholders this year. If prices remain at current levels, buybacks could be “material” over the coming years, Looney said earlier this month.\nBP’s net liabilities dropped further in the period to $32.71 billion, thanks to the sale of assets. The firm has a goal of reaching $25 billion of divestments by 2025 to fund the expansion of its low-carbon business.\nBP rose over 4% in premarket trading.\n(Update: August 3, 2021 at 04:36 a.m. ET)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":807002788,"gmtCreate":1627986054344,"gmtModify":1703499110240,"author":{"id":"3558619043136260","authorId":"3558619043136260","authorIdStr":"3558619043136260","name":"Dwnt","avatar":"https://community-static.tradeup.com/news/2a672ea18c859cc1c0ed86036370f94a","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3558619043136260"},"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807002788","repostId":2156149842,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":804751608,"gmtCreate":1627982652304,"gmtModify":1703499063892,"author":{"id":"3583811401087980","authorId":"3583811401087980","authorIdStr":"3583811401087980","name":"DLIM","avatar":"https://static.tigerbbs.com/140bf807c414ea069de5f87b2b1509cd","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"3583811401087980"},"htmlText":"There's light at the end of tunnel. 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Global demand for fossil fuels will continue while transition to alternative and renewable energy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/804751608","repostId":2156149842,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5421429,"gmtCreate":1628050545077,"gmtModify":1663231904647,"authorId":3583096540214259,"author":{"id":3583096540214259,"authorId":3583096540214259,"name":"ACECHUA","avatar":"https://static.tigerbbs.com/3d6bf1e1542321e4f354a78287c1e560","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":804751608,"type":1,"supId":0,"prevId":0,"content":"Nice ","text":"Nice ","html":"Nice "}],"langContent":"EN"},{"id":804722659,"gmtCreate":1627982018071,"gmtModify":1703499053833,"author":{"id":"4087817915654130","authorId":"4087817915654130","authorIdStr":"4087817915654130","name":"ST04","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"4087817915654130"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804722659","repostId":2156149842,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":804765975,"gmtCreate":1627981322997,"gmtModify":1703499040518,"author":{"id":"3579795252410093","authorId":"3579795252410093","authorIdStr":"3579795252410093","name":"gingar","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579795252410093"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804765975","repostId":2156149842,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":100,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}