BP announces highest profits in 14 years and increases dividends to shareholders.

The British oil company reached profits of 8.45 billion dollars in the second quarter, the highest figure in 14 years, benefiting from the rise in refining margins and the rise in oil prices. The conflict in Ukraine is fattening oil companies' profits because of the impact on rising commodity prices.

The last time BP had recorded such a high profit was in 2008.

The oil company announced a 10% increase in the dividend to $0.06 per share above the company's forecast of a 4% hike, and also boosted the quarter's share buyback program to $3.5 billion.

BP's results bring the accumulated profits of the world's major oil companies in the second quarter to $59 billion, says BA&N Research Unit analysis.

Several international competitors, such as Shell, TotalEnergies, ExxonMobil, and Chevron, have posted record profits.