BP reported an underlying replacement cost profit of $5.73 billion for the second quarter. This figure more than doubled the $2.35 billion earned during the same period last year. The results exceeded analyst expectations, driven by higher oil and gas prices and strong refining margins. Operating cash flow rose to $10.9 billion.
The company increased its quarterly dividend by 4% to 8.66 cents per share.
CEO Meg O'Neill announced plans to simplify the portfolio and strengthen the balance sheet. BP will sell its North Sea business and has agreed to divest its Austrian retail operations.
Shares fell slightly in premarket trading. Investors balanced the strong financial results against softer operational performance.