BP's Q2 profit quadruples to $2.8 bln on higher oil prices

BP, UK-based multinational oil and gas company, on Tuesday, reported a second-quarter 2018 net profit of $2.8 billion - four times that of a year ago - boosted by higher oil prices and increased output.

The oil giant hiked its quarterly dividend for the first time in nearly four years by 2.5 percent, offering 10.25 cents a share.

Underlying replacement cost profit, the company’s definition of net income, exceeded analyst forecasts of $2.7 billion, the company said in a statement.

Production for Q2 rose to 3.6 million barrels a day, with upstream production, excluding Rosneft, rising 1.4 percent on the previous year, driven by increased output from new projects and strong plant reliability.

Last week, BP agreed to buy US shale oil and gas assets from global miner BHP Billiton for $10.5 billion, expanding its footprint in oil-rich onshore basins.