BP has revealed second-quarter profits more than trebled as it reaped the benefits of soaring oil and gas prices. The oil giant reported underlying replacement cost profits - its preferred measure - jumping to 8.5 billion US dollars (£6.9 billion) for the three months to June 30, up from 2.8 billion US dollars (£2.3 billion) a year ago.
It comes as British households battle record prices for their energy bills and drivers deal with near-record petrol and diesel prices, although the average has come down slightly in recent weeks for all-time highs.
The result is better than the company expected and will likely stoke further controversy over massive profits from oil and energy firms, following record profits from rival Shell and huge earnings from British Gas owner Centrica last week. But BP's reported half-year figures were affected by a massive 24.4 billion US dollar (£19.9 billion) hit from its move to ditch the firm's near-20% stake in Russian oil producer Rosneft in response to the Ukraine war, leaving it with bottom line replacement cost losses of 15.4 billion US dollars (£13 billion).
BP chief executive Bernard Looney said: "Today's results show that BP continues to perform while transforming. Our people have continued to work hard throughout the quarter helping to solve the energy trilemma - secure, affordable and lower carbon energy.
"We do this by providing the oil and gas the world needs today - while at the same time, investing to accelerate the energy transition."
