BP profits highest in 14 years, raking in $8.5 billion

BP reported a profit of $8.5 billion for its second quarter on Tuesday, its biggest windfall in 14 years.

Just days earlier, the two largest U.S. oil companies — ExxonMobil and Chevron — reported that their profits had roughly tripled in the second quarter, while London-based Shell and France’s TotalEnergies also reported blockbuster results. Second-quarter profits for those five companies now total more than $55 billion, marking a stunning turnaround from the early months of the coronavirus pandemic.

BP’s second-quarter results, up from $6.2 billion in the first quarter, were driven by strong refining margins, “continuing exceptional oil trading performance” and higher fuel prices.

As a result of the high profits, the company said it would boost dividend payments by 10%, to 6.006 cents per ordinary share, more than it had previously expected. “This increase reflects the underlying performance and cash generation of the business,” the company said.