BP’s chief executive has defended the company’s share buyback and dividend plans as campaigners criticised its record quarterly profits as "obscene".
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Oil giant BP (LON:BP) again reported bumper second-quarter profits, which ballooned to more than $8.4 billion, but estimates it will pay an extra $800 million by the end of 2025 in the wake of the UK’s windfall tax.
Global energy giant BP Plc has announced plans to invest £50 million (c. $60 million) in a UK-based electric vehicle (EV) battery testing centre, building up its capacity in the EV market.
Climate litigation continues as the UK faces fresh legal action after news it approved a new North Sea gas field, Jackdaw, without considering the climate damage caused by emissions from the gas.
In its latest Unburnable Carbon update, UK financial think-tank Carbon Tracker has warned that around $600 billion in ‘unburnable’ oil and gas reserves is listed on global stock exchanges. If regulation to accelerate the net zero transition begins to bite, stranded asset risks could hit the markets, with most of the risk concentrated in London, New York, Moscow and Toronto.