BP station in Stoke Newington, London
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BP reports quarterly profit of $5.3bn

BP made profits of $5.3bn (£3.2bn) in the three months to 30 June as higher oil prices offset lower production.

The results were worse than expected, sending BP's share price down during morning trading.

The replacement cost profit compares with a loss of $17.0bn in the same quarter of 2010, when the company took a big charge relating to the oil spill in the Gulf of Mexico.

In the first quarter of 2011, BP made a profit of $5.5bn.

Russell Padmore reports.

  • 26 Jul 2011
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