Finally, Some Good News!! BP Announces $7 Billion In Dividends, Buybacks After Expanding Oil Projects!!

BP’s shareholders can expect a multibillion-dollar payout this year after the oil giant reported better than expected quarterly profits of almost $2.8bn (£2.2bn) and set out plans to develop a new oil hub in the Gulf of Mexico. The oil company has angered green groups by giving the go-ahead to develop potential oil resources of 10bn barrels from the new Kaskida project 250 miles south-west of New Orleans, after scaling back its green investments in the last quarter. At the same time it will raise its dividend payments by 10% while buying back stock worth $1.75bn over the next three months to bring its total buy-backs for the first half of the year to $3.5bn – and $7bn for 2024 as whole.

In total BP has paid out $14.8bn to shareholders since June 2023, the month that marked the start of the world’s first year-long breach of the 1.5C heating limit, according to an analysis by Global Witness. Alice Harrison, head of fossil fuel campaigns at the campaign group, said: “While millions of us struggle with high temperatures and high bills, BP are raking in billions of profits, paying out massive dividends, and doubling down on dirty new oil and gas projects.”

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The chief executive, Murray Auchincloss, said BP was committed to delivering “a simpler, more focused and higher-value company” for shareholders. But the strategy has angered climate campaigner by appearing to scale back its green investments while pushing forward high-value fossil fuel projects. In addition to cutting investment in its German biofuels refinery the company has also ruled out further investment in offshore wind while driving forward plans for major oil projects.

Auchincloss told the Guardian that BP is committed to transforming the company from an oil company to an “integrated energy company” and has set out plans to build between five and 10 green hydrogen projects this decade to help produce sustainable aviation fuel and decarbonise BP’s refining operations. He said BP was poised to go ahead with two green hydrogen projects, which produce the carbon-free gas through electrolysis using renewable power, at its Castellón refinery in Spain and at its Lingen plant in Germany.

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https://www.theguardian.com/business/article/2024/jul/30/bp-profits-forecasts-oil-gas-dividend-buybacks