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BP bumper results mean debt reduction continues apace

Date: 02 August 2022

1 minute read

2 August 2022

If you are covering BP’s second quarter and first half 2022 results, please see the following comment from Jamie Maddock, equity research analyst at Quilter Cheviot:

"Like peers’, BP was able to capture the benefit of high oil, gas and product prices that translated into strong second quarter results that positively surprised.

"While the buyback was lifted as it was for peers, it was the dividend increase that most unexpectedly surprised, as BP elected to raise it 10% or above the long-run guidance growth rate.

"Profitability was such that while the dividend was hiked and the third quarter buybacks was increased, debt reduction also continued apace.

"Alongside BP’s results it formalised it’s 50:50 Angolan joint venture with Eni, which will likely form an important platform to deliver on its ambition to reach net zero."

Alex Berry

Alex Berry

External Communications Manager
+44 (0)7741 151931

Notes to Editors

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