© Getty Images/Chris J. Ratcliffe/Bloomberg
The oil company BP announced today that its attributable profit for the first half of the year was $2.316 billion (€2.663 billion), an increase of 8.5% compared to the same period in 2024.
The company attributes the improvement in profits to strategic performance, despite a decline in crude oil prices.
In a statement to the London Stock Exchange, BP reported a pre-tax profit of $6.013 billion between January and June, up 2.1% compared to the same semester the previous year, while total revenue fell by 2.7% to $95.557 billion.
Exploration expenses decreased by 43.1% to $242 million, while acquisitions amounted to $54.595 billion for the semester.
Net debt was $26.043 billion as of June 30, a 1.15% increase from the previous semester.
BP’s CEO, Murray Auchincloss, described the semester as another “solid” period for the company, adding that business activity performed well under challenging conditions and costs were reduced.
The company announced a 4% increase in its common stock dividends and “an additional $750 million in share buybacks for the second quarter,” according to Auchincloss.
“We remain fully focused on delivering safe and reliable services, investing with discipline, and driving performance improvement, all to serve cash flow growth, profitability, and long-term shareholder value,” he noted.
BP announced on Monday the discovery of an oil and gas column in the Boomerang block in the Santos Basin, Brazil, the company’s largest discovery in 25 years.
The company explained it drilled the exploration well 1-BP-13-SPS in the Boomerang block in the Santos Basin, located 404 kilometers (218 nautical miles) off the coast of Rio de Janeiro.
BP has been in Brazil for over 50 years with a diversified portfolio. The Boomerang block was granted to BP in December 2022.
