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07/08/2001
BP announce profit hike
Oil giant BP has reported second quarter profits of £2.66bn, up 8.6 per cent on last year.
The earnings were in line with forecasts, but the company unexpectedly raised its quarterly dividend payout to 5.5 cents from 5.25.
BP Group Chief Executive, Lord Browne, commented: "Performance improvements in the first half year continue on track to deliver our targets. Our disciplined approach to cost management and investment selection is delivering profitable growth. I am especially delighted with the growth in oil and gas production and the quality of the downstream performance. All of this has given us the ability to increase the dividend."
Strong returns from refining and high gas prices offset weakness in the chemicals operation, the company said in a statement, adding it was on target to hit its growth estimates for the year.
BP said it was "responding to the current trading environment" in its chemical business by reducing investment and implementing more cost reductions.
Petrol campaigners have recently targeted oil companies for increasing petrol prices while still making record profits.
(GB)
The earnings were in line with forecasts, but the company unexpectedly raised its quarterly dividend payout to 5.5 cents from 5.25.
BP Group Chief Executive, Lord Browne, commented: "Performance improvements in the first half year continue on track to deliver our targets. Our disciplined approach to cost management and investment selection is delivering profitable growth. I am especially delighted with the growth in oil and gas production and the quality of the downstream performance. All of this has given us the ability to increase the dividend."
Strong returns from refining and high gas prices offset weakness in the chemicals operation, the company said in a statement, adding it was on target to hit its growth estimates for the year.
BP said it was "responding to the current trading environment" in its chemical business by reducing investment and implementing more cost reductions.
Petrol campaigners have recently targeted oil companies for increasing petrol prices while still making record profits.
(GB)
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