BP’s earnings tripled in the second quarter as the British energy company profited from the soaring oil and natural gas prices after Russia invaded Ukraine.
London-based BP said on Tuesday that underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $8.45 billion, from $2.8 billion in the same period a year earlier.
The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10 per cent and announcing that it would buy back $3.5 billion in shares. BP said it expects to increase dividends by about 4 per cent annually through 2025.
But the good news for BP shareholders was bad news for consumers as soaring energy prices contribute to the cost-of-living crisis in Britain and around the world.
In the United Kingdom, where inflation reached a 40-year high of 9.4 per cent in June, the government has announced a 25 per cent windfall profits tax on the earnings of oil and gas companies that come from British operations.
The opposition Labour Party criticised the government for failing to use more of the revenue from the new tax to help consumers.
BP said the windfall profits tax would increase the headline tax rate on its North Sea operations to 65 per cent from 40 per cent. The company said it plans to set aside $800 million to cover the tax increase.
BP said it received an average of $105.50 per barrel for its oil in the second quarter, up 71 per cent from a year earlier. Gas more than doubled to $8.42 per thousand cubic feet.
Second-quarter net income rose to $9.26 billion from $3.12 billion in the same period the year before.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
