BP profits soar as energy bills to hit £3,600 a year

GGood morning

BP has followed in the footsteps of its major oil peers and delivered a massive profit increase.

The FTSE 100 company said second-quarter profit tripled to $8.5bn (£6.9bn) – the highest since 2008.

Like its peers, BP benefited from rising energy prices during the Russian war in Ukraine and is sharing the loot with investors.

The company increased its dividend by 10% and announced a $3.5 billion share buyback program over the next three months. That follows the $3.8 billion it bought back in the first half.

Meanwhile, household electricity bills are expected to hit £3,615 in the new year, according to the latest forecasts from Cornwall Insight. That’s hundreds of pounds more than previous predictions.

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what happened overnight

Asian equities continued their decline on Wall Street this morning, and US long-term Treasury yields fell to a four-month low, dragging the US dollar lower against the yen and other currencies as investors focused on the risk of a global recession worried.

Australian equities fell on an uncertain outlook for commodity demand – which also weighed on crude oil prices – while the local dollar fluctuated against its US counterpart near its highest level since mid-June, amid widespread expectations that the central bank would make a third consecutive hike Half a percentage point would deliver interest rate hike later in the day.

The Australian and South Korean equity benchmarks each suffered losses of about 0.3 percent, while Japan’s Nikkei fell 1.17 percent.

Chinese blue chips fell 1.06 percent and Hong Kong’s Hang Seng lost 1.1 percent. Taiwan’s stock index slipped 1.68 percent.

MSCI’s broadest index of Asia Pacific stocks fell 0.8 percent.

Comes today

  • Company: BP, Capital & Counties Properties, Coats Group, Direct Line, Domino’s Pizza, Elementis, Fresnillo, Greggs, Man Group Rotork, Synthomer, Travis Perkins (Interims); Sage Group (Trade Update)
  • Business: National House Price Index (UK) BP profits soar as energy bills to hit £3,600 a year

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