BP reports 42% profit

Europe's largest oil company, BP, has reported profits of 42% in the second quarter as it benefited from improved trading conditions.

Net income rose from US$2.2bn to US$3.12bn, a year earlier.

The quarterly figure, which represents earnings of USD34m per day, was just ahead of the forecast range of USD2.65-3.10bn.

BP Group Chief Executive, Lord Browne, said: "This is another strong quarterly result. Strategy and performance delivery are on track. Cashflow was robust, which has provided the opportunity for a good shareholder return through dividends and share buybacks."

The company expects to make payments of up to US$2bn to a number of its pension funds in the second half of the year and, if additional funds are available, to pursue further share buybacks.