BP posts best quarterly profit in 14 years of £6.9bn as surging energy prices lead to a bonanza and 10% dividend hike

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BP posts best quarterly profit in 14 years of £6.9bn as surging energy prices lead to a bonanza and 10% dividend hike

Amidst a cost-of-living crisis magnified by the war in Ukraine, the FTSE 100 company has posted an underlying replacement cost profit – its preferred measure – of $8.5billion (£6.9billion) for the three months to June. That compares to earnings of $6.2billion in the previous three months and is more than triple the $2.8billion it earned during the same period in 2021 when Covid-19 restrictions suppressed demand for petroleum

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