Oil major BP reported a 70% year-on-year drop in second-quarter profits due to weaker fossil fuel prices, a trend seen across the energy industry. The company's replacement cost profit for the quarter was $2.6 billion, falling short of the expected $3.5 billion. The decrease was attributed to lower refining margins, higher maintenance activity, and a weak oil trading result. BP increased its dividend by 10% and announced a $1.5 billion share buyback program for the next three months. Oil majors, including BP, have struggled to replicate last year's profits amid softer commodity prices. BP's CEO reaffirmed the company's commitment to a transition towards cleaner energy but faced criticism for scaling back its carbon emissions reduction targets. The CEO also supported investing in the North Sea's oil and gas operations to ensure an orderly energy transition.