Strong Upstream Performance
BP brought 5 new oil and gas major projects on stream, sanctioned 4 more, and made 10 exploration discoveries, including a significant one in the Bumerangue Block in Brazil.
Increased Earnings and Dividends
Underlying earnings in the customer segment are up around 50% compared to the previous year. BP announced a dividend increase of 4% and a $750 million share buyback for the second quarter.
Record Refining Availability
BP reported a refining availability of 96.4% for the quarter, the best since 2006, with the first half of the year at 96.3%, the best since metrics began.
Cost Reductions Progress
BP has delivered approximately $1.7 billion of structural cost reductions since the start of 2024, aiming for $4 billion to $5 billion in total.
Strong Exploration Year
BP's exploration success includes 10 commercial discoveries, contributing to the best year for discoveries in a decade.