BP earnings triple on rising energy prices – Michael West

British energy giant BP’s earnings have tripled in the second quarter as the company profited from oil and natural gas prices that soared after Russia invaded Ukraine.

London-based BP said on Tuesday that underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $US8.45 billion ($A12.21 billion) from $US2.8 billion ($A4 billion) in the same period a year earlier.

The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10 per cent and announcing it would buy back $US3.5 billion ($A5.1 billion) in shares.

BP earnings triple on rising energy prices – Michael West