BP has revealed that underlying profits more than doubled over the past quarter. The London-listed oil giant reported that underlying replacement cost profits - a measure preferred by BP - surged to 8.2 billion US dollars (£7.1 billion), compared with 3.3 billion dollars (£2.9 billion) a year earlier.
It was significantly ahead of the 6.1 billion dollars (£5.3 billion) expected by market analysts. Nevertheless, BP said profits were weaker than the previous quarter after a dip in average oil price.
Bernard Looney, chief executive officer of BP, said: "This quarter's results reflect us continuing to perform while transforming. We remain focused on helping to solve the energy trilemma - secure, affordable and lower carbon energy.
"We are providing the oil and gas the world needs today - while at the same time investing to accelerate the energy transition. Our agreement on Archaea Energy is the most recent step in our strategic transformation of BP."
The news comes as Brits struggle with energy bills that have doubled since this time last year, despite the current £2,500 cap introduced by the Government. That had been set to last for two years but is now only in place until April.
Meanwhile, petrol and diesel prices remain high, with the average price for both fuels ticking up yet further in recent weeks.
