bp has announced its performance results for the second quarter of 2023 stating that it has achieved an underlying replacement cost profit of $2.6 billion in Q2 and $2.56 billion in H1 of 2023.

Operating cash flow in the quarter of $6.3 billion, while capital expenditure reached $4.3 billion in the second quarter of 2023.

“bp remains committed to using 60% of 2023 surplus cash flow for share buybacks, subject to maintaining a strong investment grade credit rating,” the company said.

“Another quarter of performing while transforming. Our underlying performance was resilient with good cash delivery – during a period of significant turnaround activity and weaker margins in our refining business. We’re delivering our strategy at pace – we’ve started up two major oil and gas projects to help keep energy flowing today and we’re accelerating our transformation through our five transition growth engines. And we’re delivering for shareholders growing our dividend and announcing a further share buyback. This reflects confidence in our performance and the outlook for cash flow, as well as continued progress reducing our share count,” Bernard Looney, BP’s CEO commented.