BP’s boss has praised the oil major’s “steady progress” as profits soared in the first-half of 2018.
The oil firm chalked up pre-tax profits totalling £6.7 billion, up 190% year-on-year, while revenues increased to £111bn from £86bn.
The firm’s underlying replacement cost profits more than doubled to £4.1bn.
BP chief executive Bob Dudley said: “We continue to make steady progress against our strategy and plans, delivering another quarter of strong operational and financial performance.
“We brought two more major projects online, high-graded our portfolio through acquisitions such as BHP’s US onshore assets and invested in the future with the creation of BP Chargemaster.
“Given this momentum and the strength of our financial frame, we are increasing our dividend for the first time in almost four years. This reflects not just our commitment to growing distributions to shareholders but our confidence in the future.”
BP expects crude prices to stay between $50-$65 in the near to medium term – with the company’s 2018 breakeven oil price $50. The company is working to reduce that to $35-$40 by 2021.