BP Earnings: Repurchase Rate Trimmed Again, but Dividend Bumped Up 10%

BP's second-quarter earnings fell from the year before, as well as falling short of market expectations on lower oil and gas prices, narrower refining margins, and mixed trading results. Underlying replacement cost profit fell to $2.6 billion from $8.5 billion a year ago while operating cash flow fell to $6.3 billion from $10.9 billion the year before. Production increased 3.4% to 2,272 thousand barrels of oil equivalent per day from the year before, while management now expects full-year 2023 volumes to be higher than in 2022 as opposed to flat previously.