BP announced that its dividend increased by 4% per share in Q2 2021, adding that it would start a $1.4 billion buyback from its H1 surplus cash flow, the company said in a statement.

The company also said that its net debt dropped to $32.7 billion.

During the Q2 2921,  the company started production from four main projects in Egypt, India, the Gulf of Mexico, and Angola.

The company’s performance resulted in the delivery of $2.5 billion of cash costs savings on a run-rate basis relative to 2019, around six months earlier than targeted, the statement said.

BP announced the quarter profit at $3.1 billion, decreasing by 34%, compared to $4.7 billion in Q1 2021.

“We are a year into executing BP’s strategy to become an integrated energy company and are making good progress – delivering another quarter of strong performance while investing for the future in a disciplined way,” Bernard Looney, BP’s CEO, commented.