BP has revealed that underlying profits more than doubled over the past quarter. The London-listed oil giant reported that underlying replacement cost profits - a measure preferred by BP - surged to 8.2 billion US dollars (£7.1 billion), compared with 3.3 billion dollars (£2.9 billion) a year earlier.
It was significantly ahead of the 6.1 billion dollars (£5.3 billion) expected by market analysts. Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.
Bernard Looney, chief executive officer of BP, said: "This quarter's results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma - secure, affordable and lower carbon energy.
