LONDON—BP’s second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.
The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.
“The company is running well and it continues to strengthen. We have real strategic momentum,” Chief Executive Officer Bernard Looney told Reuters.
BP shares were up 4.3 percent by 1:15 p.m. GMT, hitting their highest levels since June and strongly outperforming the European energy index which was up 0.7 percent. BP shares have gained 23 percent this year but are still some 10 percent below pre-pandemic levels….