A collection of Britain’s biggest companies have reported results this morning, with BP leading the way with second quarter figures ahead of expectations. In results that further highlight how BP has turned a corner since the Deepwater Horizon disaster in 2010, the oil giant has reported underlying replacement cost profit, a key measure for the company, of $2.8 billion for the second quarter of 2018. This is ahead of forecasts of $2.7 billion and more than four times what it reported in the same period last year. BP has benefitted from a rebound in the oil price and an increase in oil and gas production. BP’s upstream business, effectively exploration and extraction of oil and gas, enjoyed its best quarter for four years.

Source: The Times July 31, 2018 07:59 UTC