BP profit again outstrips forecasts

A strong rise in oil and gas production helped BP offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares.

BP’s second quarter contrasts with Total and Norway’s Equinor, which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn, project start-ups and last year’s $10.5 billion purchase of BHP’s US shale assets.

“At the midpoint of our five-year plan, BP is right on target,” Chief Executive Bob Dudley said in a statement.

By 0953 GMT, BP shares were up 3.1 percent to 543.5 pence, the top gainers in the FTSE 100 .FTSE index.

Although BP’s dividend remained unchanged at 10.25 cents per share, its Chief Financial Officer Brian Gilvary said the company would consider raising it towards the end of the year as proceeds from asset sales come through and debt is reduced.