LONDON: BP Plc followed its Big Oil peers by increasing dividends and share buybacks as higher crude prices boosted profit.

       The oil majors – with the notable exception of Exxon Mobil Corp – are raising returns as they express confidence that the worst of the slump caused by the coronavirus pandemic is over. Their goal is to woo investors who are becoming increasingly wary about the future of the fossil fuels in a changing climate.

       BP posted “another quarter of strong performance while investing for the future in a disciplined way,” chief executive officer Bernard Looney said in a statement. “We are increasing our resilient dividend by 4% per ordinary share, and in addition we are commencing a buyback of US$1.4bil (RM5.92bil) from first half surplus cash flow.”

       Both are significant pledges that go further than the distributions policy outlined earlier this year.

       The turnaround reflects the impact of higher energy prices, but also demands from shareholders, who weren’t happy in early 2021 with BP’s plans. ― Bloomberg