BP Plc raised its dividend and boosted share buybacks after its profit rose to the highest since 2008.

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(Bloomberg) — BP Plc raised its dividend and boosted share buybacks after its profit rose to the highest since 2008. 

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Following in the footsteps of most of its Big Oil peers, the London-based company said it will repurchase $3.5 billion of shares over the next three months, adding to the $3.8 billion it already bought back in the first half. It also increased its dividend by 10%. 

The whole industry is boosting returns to shareholders as the cash rolls in, even while the energy crisis triggered by Russia’s invasion of Ukraine threatens the global economy. 

“Today’s results show that BP continues to perform while transforming,” Chief Executive Officer Bernard Looney said in a statement on Tuesday. The company is “providing the oil and gas the world needs today — while at the same time investing to accelerate the energy transition.”

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BP’s second-quarter adjusted net income was $8.45 billion, beating the average analyst estimate of $6.73 billion and up threefold from a year earlier. The company’s dividend increases to 6 cents a share, an improvement from a previous commitment to raise the payout by around 4% annually through to 2025. 

The oil sector’s sky-high profits come at a politically tricky time for an industry accused of profiteering from the fallout from Russian President Vladimir Putin’s aggression, while also failing to invest enough in new drilling. Still, with recession fears gathering pace, the second quarter may end up marking the high point for Big Oil this year.