BP's second-quarter profits more than treble as it reaped benefits of soaring oil and gas prices

The oil giant reported underlying replacement cost profits – its preferred measure – jumping to 8.5 billion US dollars (£6.9 billion) for the three months to June 30, up from 2.8 billion US dollars (£2.3 billion) a year ago.

The result is better than expected and will likely stoke further controversy over massive profits from oil and energy firms, following record profits from rival Shell and huge earnings from British Gas owner Centrica last week.

But BP’s reported half-year figures were affected by a massive 24.4 billion US dollar (£19.9 billion) hit from its move to ditch the firm’s near-20% stake in Russian oil producer Rosneft in response to the Ukraine war, leaving it with bottom line replacement cost losses of 15.4 billion US dollars (£13 billion).