Energy

BP hikes dividend and buybacks as profits surge

British oil giant’s second-quarter adjusted net income was $8.45 billion, the highest since 2008

The oil sector’s sky-high profits come at a politically tricky time for an industry accused of profiteering from the fallout from Russian President Vladimir Putin’s aggression. Picture: Getty

BP, the British oil giant, hiked its dividend and accelerated share buybacks to the fastest pace yet after profits surged.

The oil and gas industry is boosting returns to shareholders as the cash rolls in, even while the energy crisis triggered by Russia’s invasion of Ukraine threatens the global economy. BP said it expects prices to remain high and highlighted its investments in additional supplies.

“Today’s results show that BP continues to perform while transforming,” ...