British oil company BP posted its second-highest quarterly profit in the third quarter thanks to the high oil price.
Adjusted net profit rose to 8.15 billion US dollars (8.13 billion Swiss francs) from July to September, the group announced in London on Tuesday. That was significantly more than analysts had expected on average. A year earlier, the group reported adjusted earnings of $3.3 billion.
As in the previous quarter, BP plans to pay a dividend of just over 6 cents per share. The company also plans to repurchase $2.5 billion worth of its own shares. This equates to a total of $8.5 billion in share repurchases for the current year.
BP’s strong performance is in line with the number of competitors such as ExxonMobil, Totalenergies and Chevron. They all made good money from high gas and oil prices, which rose sharply as a result of the Russian invasion of Ukraine.
The strong development brings a windfall for investors, but also the dismay of politicians who are struggling with the economic damage of rising inflation and higher interest rates. London-based company BP is already subject to additional tax in its home country. (aeg/sda/awp/dpa)
Soource :Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
