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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose

BP to hand investors $7bn this year as it expands oil operations

British Petroleum Oil
BP logo
BP has paid out $14.8bn to shareholders since June 2023. Photograph: Glyn Kirk/AFP/Getty Images

BP’s shareholders can expect a multibillion-dollar payout this year after the oil giant reported better than expected quarterly profits of almost $2.8bn (£2.2bn) and set out plans to develop a new oil hub in the Gulf of Mexico.

The oil company has angered green groups by giving the go-ahead to develop potential oil resources of 10bn barrels from the new Kaskida project 250 miles south-west of New Orleans, after scaling back its green investments in the last quarter.

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