BP PLC (BP) Tuesday posted a 28% rise in second-quarter net profit, driven by higher oil prices.
The U.K. oil major posted a net profit of $9.47 billion for the three months ended June 30, or 49.8 cents a share, up from $7.38 billion, or 38.2 cents a share, a year earlier. The result shows that BP is now able to capture more gains from skyrocketing oil prices following a turnaround for the company that started last year.
It also comes as a relief as the U.K. oil giant is embroiled in a bitter dispute over the control of its Russian oil and gas joint venture TNK-BP Holding (TNBP.RS).
Second-quarter revenue was up 52% at $110.9 billion, compared with $73.1 billion a year earlier. BP's quarterly revenue is now bigger than Kazakhstan's annual gross domestic product, which stood at $103.8 billion in 2007.
BP's numbers conform to International Financial-Reporting Standards, which differ from U.S. generally accepted accounting standards.
BP's quarterly replacement cost profit stood at $6.85 billion, up 6% from $6.49 billion for the same period a year ago. Analysts had expected a $7.82 billion figure.
The result comes after Chief Executive Tony Hayward in October launched a wide-ranging restructuring to trim costs and reduce bureaucratic inefficiencies.