BP earnings triple as energy firm profits from rising prices

By DANICA KIRKA
Associated Press

LONDON (AP) — BP’s earnings have tripled in the second quarter as the British energy giant profited from oil and natural gas prices that soared after Russia invaded Ukraine. London-based BP said Tuesday that underlying replacement cost profit jumped to $8.45 billion from $2.80 billion in the same period a year earlier. That profit excludes one-time items and fluctuations in the value of inventories. The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10% and announcing that it would buy back $3.5 billion of shares. BP said it expects to increase dividends by about 4% annually through 2025.