British oil giant BP PLC announced plans to reward its shareholders with a $7 billion payout this year through stock repurchases, despite a 30% drop in profits during the first half of 2024. The company reported a decline in underlying replacement cost profit to $5.5 billion, down from $7.6 billion the previous year, primarily due to lower earnings from its refining business.
However, BP's second-quarter profit of $2.8 billion exceeded expectations, leading to a 1.3% increase in its stock price during morning trading in London. The company's decision to continue its share buyback program in the second half of the year and a 10% dividend increase further bolstered investor confidence.
