British BP profits fell by 70% in the second quarter of 2023 of declining supplies

British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices.

The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates compiled by Refinitiv, compared to $8.5 billion. dollars in the corresponding quarter of last year 2022.

However, the energy giant boosted its dividend by 10% to 7.27 cents per common share for the second quarter. BP also said it would buy back $1.5 billion of its shares over the next three months.