Tuesday, August 02, 2022

Another oil corporation making profits


BP has reported massive profits for the three months to June, after oil and gas prices soared.

The energy giant saw underlying profits hit $8.45bn (£6.9bn) - more than triple the amount it made at the same time last year. The figure is the second highest in the firm's history and takes its half-year profits to $14.6bn. 

The oil giant said it would boost shareholder payouts by 10% as well as buy back shares as a result of its higher earnings. The company said it would increase its payments to shareholders by £3.6bn pounds in the next three months. 

It comes on the day typical household energy bills have been forecast to hit more than £3,600 a year this winter. The figure is hundreds of pounds more than previously predicted.

BP reports huge profits as energy bills soar - BBC News

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