BP profits rise nearly $1bn

British oil giant BP’s profits rose nearly $1 billion for May to June 2014. Its underlying replacement cost profit for the quarter of 2014 was $3.6 billion (£2.1bn), 34% higher […]

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By Vicky Ellis

British oil giant BP’s profits rose nearly $1 billion for May to June 2014.

Its underlying replacement cost profit for the quarter of 2014 was $3.6 billion (£2.1bn), 34% higher than the $2.7 billion (£1.6bn) reported for the same period in 2013.

The firm hailed rising oil and gas production from new and recently-started “higher-margin” drilling projects and more processing of heavy crude oil at its newly-modernised Whiting refinery.

The refinery’s strong performance helped offset “significantly weaker refining environment and a weaker contribution from supply and trading” which meant BP’s Downstream business made $0.5 billion less than the same period last year.

Bob Dudley, BP group chief executive described it as a “successful quarter”.

He said: “We are continuing to ramp up the major new projects that drive delivery of cash flow and are also now seeing benefits from our focus on operating with greater reliability and efficiency.”