BP to review assets; Q2 earnings beat expectations

(Sharecast News) - BP on Tuesday posted better-than-expected second-quarter earnings and raised its dividend as it announced a review of its assets amid calls from investors for the energy giant to boost returns. Underlying replacement cost profit - the oil giant's preferred measure of net income - came in at $2.35bn for the three months to June 30, down from $2.76bn last year but beating the consensus $1.81bn forecast by analysts.

The quarterly dividend was lifted to 8.32 cents a share from 8 cents. BP added that it would maintain the pace of its share buyback programme at $750m for the quarter.

"We will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward - allocating capital effectively. We are also initiating a further cost review," said chief executive Murray Auchincloss.

"BP can and will do better for its investors."

Reporting by Frank Prenesti for Sharecast.com