Oil Giant BP has upped its dividend and has confirmed share buybacks

The U.K.-based energy major said it will buy back $1.4 billion of its own shares in the third quarter.

This all comes after the company posted better than expected quarterly profits.

Operating cash flow sat at $5.4 billion at the end of the second quarter, which includes the annual payment of around $1.2 billion the company makes for the Gulf of Mexico oil spill in 2010.

Meanwhile, net debt fell to $32.7 billion from $33.3 billion in the first quarter, marking the fifth consecutive quarter of decreased debt from the $51 billion seen in the first quarter of 2020.

It also anticipates buybacks of around $1 billion per quarter and an annual dividend increase of 4 percent through 2025.