How did BP perform in the last quarter?

[Kyle Rodgers]

[Sam Rondon]

BP (LON:BP) reported a better-than-expected second-quarter profit, thanks to a large boost in oil and gas production, helping to compensate for the weaker crude prices and lifting the company’s shares. Shares of the oil and gas giant rose 3% this morning, while the FTSE index climbed 0.1%. The company’s underlying replacement cost profit, which BP defines as the net income, climbed to $2.8bn in the quarter, beating its previously issued forecast of $2.46bn. The Q2 profit was $2.4bn higher than in the previous quarter. BP managed to beat analysts’ estimates for 10 quarters in a row. “Strong volume growth from accretive barrels and seamless execution remains underappreciated,” said analysts at Bernstein, which rated the BP’s stock “outperform.” BP said it doesn’t expect that the third quarter will be as good as this one, due to the maintenance costs and the impact of Hurricane Barry on the company’s operations in the Gulf of Mexico.