BP Profits , Hit 14-Year High.<br />Reuters reports that BP's second quarter profits <br />hit $8.45 billion, its highest since 2008.<br />This exceeded analysts' <br />expectations of $6.8 billion.<br />The company is running well and it continues to strengthen. We have real strategic momentum, Bernard Looney, BP CEO, via Reuters.<br />CEO Bernard Looney, who said in 2020 that he'd work to move BP away from fossil fuels and toward renewable energy.<br />said the company will spend an additional $500 million on new oil and gas because of global supply issues. .<br />The fact it produced its highest quarterly profit in 14 years, even though oil prices were higher during that period than they are now, suggests BP is a more efficient machine than it was previously, Russ Mould, AJ Bell investment director, via Reuters.<br />Reuters reports that BP also plans to increase its share repurchases to $3.5 billion for the present quarter. .<br />BP's profits also helped to reduce the company's debt from $27.5 billion to <br />$22.8 billion in March. .<br />The company says its strong performance was the result of "exceptional" oil trading and higher fuel prices.<br />The company says its strong performance was the result of "exceptional" oil trading and higher fuel prices
