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BP reported stronger-than-expected second-quarter results, posting adjusted earnings of $2.35 billion, or 15.03 cents a share, versus consensus forecasts of 11.71 cents. Operating cash flow reached $6.21 billion and net debt fell to $26.04 billion, below analyst estimates. On the back of the beat, the London-based producer lifted its quarterly dividend 4% to 8.32 cents a share and authorised a $750 million share-buyback programme for the quarter. The company said it achieved a further $900 million of structural cost savings in the first half, bringing total cuts under its multi-year programme to $1.7 billion, and expects about $3 billion in proceeds from completed or announced asset sales. Chief Executive Officer Murray Auchincloss said BP "can and will do better for its investors" as it embarks on a fresh review of its business portfolio and additional efficiency measures. While the company guided to slightly lower upstream output in the third quarter, Auchincloss cited robust global oil demand in maintaining confidence in BP’s medium-term outlook.
