BP Profits Hit 14-Year High

BP Profits Hit 14-Year High

BP Profits , Hit 14-Year High.

Reuters reports that BP's second quarter profits hit $8.45 billion, its highest since 2008.

This exceeded analysts' expectations of $6.8 billion.

The company is running well and it continues to strengthen.

We have real strategic momentum, Bernard Looney, BP CEO, via Reuters.

CEO Bernard Looney, who said in 2020 that he'd work to move BP away from fossil fuels and toward renewable energy.

Said the company will spend an additional $500 million on new oil and gas because of global supply issues.

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The fact it produced its highest quarterly profit in 14 years, even though oil prices were higher during that period than they are now, suggests BP is a more efficient machine than it was previously, Russ Mould, AJ Bell investment director, via Reuters.

Reuters reports that BP also plans to increase its share repurchases to $3.5 billion for the present quarter.

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BP's profits also helped to reduce the company's debt from $27.5 billion to $22.8 billion in March.

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The company says its strong performance was the result of "exceptional" oil trading and higher fuel prices.

The company says its strong performance was the result of "exceptional" oil trading and higher fuel prices