LONDON: BP said yesterday that net profits surged 65 per cent in the second quarter, boosted by high oil prices, but warned that more economic sanctions against Russia could hit performance.
Earnings after taxation rallied to US$3.369 billion (RM10.72 billion) in the three months to June, compared with US$2.042 billion a year earlier, it said in a statement.
BP said its replacement-cost profit, the current accounting figure that excludes changes in the value of oil inventories, rose by almost a third to US$3.18 billion in the second quarter.
The group also increased its shareholder dividend to 9.75 cents a share, from nine cents a share.
“It’s a good quarter. It’s a good solid start to the first half of the year,” said chief executive Bob Dudley.
“The environment has been down in some ways, offset by oil prices in another. We’ve been bringing on new projects, five new upstream projects so far this year (with) two more to go by the end of the year.” AFP