BP reported its underlying replacement cost profit for the second quarter more than doubled to $5.73 billion, significantly beating analyst expectations. [4, 7] The surge was attributed to higher oil and gas prices and strong performance in its refining and trading divisions. [3, 7, 9] In light of the strong results, the company announced a 4% dividend increase. [3, 7, 8]
Concurrent with the earnings release, BP announced plans to sell its U.S. biogas business, Archaea Energy, which it acquired for $4.1 billion in 2022. [4, 10, 15] The sale is a key part of new CEO Meg O'Neill's strategy to streamline the company, reduce debt, and refocus on core fossil fuel operations. [4, 5, 12] This move follows other recent divestiture announcements, including its U.K. North Sea business. [4, 5]