UPDATE: BP Q2 Profit Surges 34%

BP Plc

reported a 34% gain in its second-quarter profit. Its net profit climbed to $3.37 billion, from a year-ago profit of $2.04 billion. The company's revenue rose to $95.83 billion from $95.7 billion. BP's quarterly replacement-cost profit was $3.18 billion in the quarter, versus $2.4 billion, in the year-ago period. However, its underlying replacement cost profit surged to $3.63 billion, beating analysts' estimates of $3.49 billion. Its production slipped around 3% to 3.1 million barrels of oil equivalent a day. BP's underlying net income from Rosneft surged to $1 billion in the period, up from $218 million, in the year-ago period. The company also announced its plans to pay a dividend of 9.75 cents per share in the quarter ended June 30, compared to 9 cents per share in the year-ago period. Chief Executive Officer Bob Dudley said, “This was another successful quarter, delivering both operational progress and robust cash flow.” BP shares fell 0.61% to $50.33 in pre-market trading.