BP raises its dividends on the back of record profits

BP has lifted its dividend after its profits more than doubled on the back of rising energy prices to a record $27.7 billion. The FTSE 100 oil company increased its quarterly dividend by 10 per cent to 6.610 cents a share after reporting the highest profits in its 114-year history.

The company also announced plans to repurchase $2.75 billion of shares over the next three months after it announced $11.25 billion of share buybacks in 2022.

Its underlying profit for the fourth quarter came in at $4.8 billion, missing analysts’ expectations for profits of just over $5 billion. The results for the final three months of the year were hit by lower production and a decline in its gas marketing and trading division.

BP said