Energy company raises oil price forecasts for rest of decade, but lowers them for longer term
BP will hand shareholders a windfall of $1.4bn (£1bn) through share buybacks and has promised to increase its dividend by 4% a year up to 2025 after predicting a short-term increase in global oil prices before a quicker than expected shift to low-carbon energy.
Rising global oil prices helped BP make an underlying profit of $2.8bn for the three months to June, up sharply from a loss of $6.68bn in the same quarter last year when Covid-19 brought the oil industry to a standstill.
