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Tuesday, posting a nearly 70% year-on-year drop in second-quarter profits. Profits fell from $8.5 billion in the second quarter of 2022 to $2.6 billion in underlying replacement cost profit, which is used as a proxy for net profit. Analysts had expected to see profits of $3.5 billion for the British company, according to Refinitiv.
The news comes amid weaker fossil fuel profits, which have hit the whole energy industry. Despite that, BP boosted its dividend by 10% for the second quarter.U.S. President Joe Biden attends a press conference to deliver remarks on the economy at Auburn Manufacturing, a company that produces heat- and fire-resistant fabrics for a range of industrial uses in the U.S. and abroad, in Auburn, Maine, U.S. July 28, 2023.
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