BP Surges Past Expectations with $5.73 Billion Quarterly Profit

BP has reported a second-quarter profit of $5.73 billion, more than doubling from the same period last year due to higher energy prices and trading margins.

The company's underlying replacement cost profit beat analyst expectations of $5.11 billion, rising from $2.35 billion in the previous year.

BP attributes its increased profits to market volatility caused by the Iran war, which has disrupted energy flows and tightened global supplies, with Brent crude prices averaging around $97 a barrel in the second quarter.

The company plans to increase its dividend by 4% to 8.66 cents per ordinary share for the second quarter, but also announced plans to reduce its renewables investments, writing down more than $4 billion in recent months related to its low-carbon ventures.