BP profits soar to nearly €8.7bn

BP unveiled record first-half profits of $10.47bn (€8.7bn) today, as the UK energy giant continued to benefit from rising oil prices.

The figure, which is 29% higher than a year earlier, includes a surplus of $4.98bn (€4.1bn) for the second quarter – lower than the $5.49bn (€4.6bn) achieved in the first three months of the year.

BP’s profits haul was achieved after the cost of Brent crude averaged $51.63 a barrel in the three months to the end of June, compared with $38.27 during the whole of 2004.

Despite the assistance from oil prices, chief executive Lord Browne said “significant investments made over the last decade” had helped the company to make the most of the strong trading environment.