BP reported its latest bumper earnings, beating expectations

BP (LSE:BP) shares traded on the back foot on Tuesday, losing 0.3% by the close, after revealing second-quarter earnings of $2.8 billion. It was comfortably ahead of expectations which were pitched at $2.6 billion.

On a per share basis, it equated to 17 cents per share, beating the forecast of 15 cents.

It followed a strong performance, despite earlier warnings in the year.

BP announced an upgrade to its dividend, moving the interim payment to 8 cents per share and at the same time reported that it intended to buy back a further $1.75 billion of its shares – now, the oil firm expects to spend a total of $7 billion this year on such purposes.

In London, BP shares closed slightly lower losing 0.3% to finish at 451.65p.