The company also said it will hand more cash to investors through higher dividends and a further share buyback despite the weaker performance. That compares with an $8.45bn (£6.6bn) profit over the same period last year, when it was boosted by a surge in oil and gas prices. BP blamed the decline in profits on planned maintenance work and lower margins in its refining business. It comes a week after rival oil major Shell also delivered weaker-than-expected profits for its latest quarter. The company added that its North Sea business paid $970 million (£755m) in tax over the half-year, with $460m (£358mn) because of the energy profit levy windfall tax.

Source: The Herald August 02, 2023 06:28 UTC