BP announces rise in profits during second quarter of 2018

BP’s underlying replacement cost profit rose to US$2.8bn between April and June this year  four times the profit total 12 months prior.

In the second quarter of 2017, the firm’s profit, or net income, only reached $0.07bn. In the first quarter of this year BP recorded its net income at $2.6bn.

The company’s profit was forecast to reach $2.7bn in the review period, BP revealed through a survey of analysts.

The London-headquartered petroleum company also announced it would increase its quarterly dividend for the first time in almost four years.

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BP has raised its dividend by 2.5% to 10.25 cents per share, the first boost since the third quarter of 2014.

“We changed our strategic direction six quarters ago, this is the sixth quarter in a row we've been at or above expectations. The company's got momentum, it feels good,” Bob Dudley, the CEO of BP, informed CNBC’s Squawk Box Europe.

“That gave us the confidence to raise the dividend this year for the first time in 15 quarters, as well as some great assets in North America.”

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