LONDON—BP PLC on Tuesday returned to profit in the second quarter and demonstrated its ability to generate cash again, with slightly higher oil prices than last year and deep cost cuts lifting the British oil giant. BP reported replacement cost profit—a similar measure to the net income that U.S. oil companies report—of $553 million for the quarter, compared with a loss of $2.2 billion a year earlier. Brent crude, the international...

Source: Wall Street Journal August 01, 2017 06:33 UTC