BP gets Q2 boost from higher oil prices; earnings quadruple

LONDON — Energy giant BP says it is increasing its dividend for the first time in almost four years after second-quarter earnings quadrupled on higher oil prices and streamlined production. Underlying replacement cost profit jumped to $2.82 billion from $684 million in the same quarter a year earlier. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings. Net income soared to $2.80 billion from $144 million. Oil companies are profiting after they cut costs and sold assets to adjust to an era of lower oil prices when crude dropped below $30 a barrel in January 2016. Brent crude was trading at $75.30 on Tuesday. CEO Bob Dudley says the 2.5 per cent dividend increase reflects "our confidence in the future." The Associated Press

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