"BP is raising its quarterly dividend by 4% to 8.32 cents a share, subject to board approval, and has announced a new $750 million share buyback program."
"BP has reported a smaller drop in underlying profits, with profits rising to $2.35 billion in April-June, which is 15% lower than the same quarter last year."
"CEO Murray Auchincloss stated that they will conduct a thorough review of their business portfolio to maximize shareholder value and are initiating a further cost review."
"Under pressure from activist investors, BP plans to cut more than $5 billion from its previous green investment plan and is focusing on reducing operating expenses."
BP is raising its quarterly dividend by 4% to 8.32 cents per share, pending board approval. The company has initiated a new $750 million share buyback program, despite better-than-expected profits. Underlying profits for the last quarter rose to $2.35 billion, a smaller decline of 15% compared to the same quarter last year. CEO Murray Auchincloss announced a review of the business portfolio to maximize shareholder value and a further cost reduction effort. Activist investor Elliott Management is pushing for more aggressive cuts to operating expenses, leading to a $5 billion reduction in green investments.
Read at www.theguardian.com
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