Energy company bp announced on Tuesday a second-quarter profit of $2.75 billion, exceeding expectations.
The London-listed energy giant announced a 6.5% increase in profit, from $2.58 billion in the second quarter of last year, the company's financial results showed.
Underlying RC profit also rose from $2.72 billion in the previous quarter.
The company attributed the increase to an average gas marketing and trading result, significantly lower realized refining margins, stronger fuel margins and reduced taxation.
Commenting on the financial results, Murray Auchincloss, the CEO of bp said, the company is driving focus across the business and reducing costs, all while building momentum in its drive to 2025.
'Our recent go-ahead of the Kaskida development in the Gulf of Mexico business, and decision to take full ownership of bp Bunge Bioenergia while scaling back plans for new biofuels projects, demonstrate our commitment to delivering as a simpler, more focused and higher value company,' Auchincloss added.
Kaskida will be bp's sixth hub in the region, featuring a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase.
Production at Kaskida is expected to start in 2029.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr