BP has said second-quarter profits more than trebled as it reaped the benefits of soaring oil and gas prices.

The oil giant reported underlying replacement cost profits - its preferred measure - jumping to $8.5 billion (£6.9 billion) for the three months to June 30, up from $2.8 billion (£2.3 billion) a year ago.

The result is better than expected and will likely stoke further controversy over massive profits from oil and energy firms, following record profits from rival Shell and huge earnings from British Gas owner Centrica last week.

The result was reported as BP's highest quarterly profit in 14 years.

However, BP's reported half-year figures were affected by a massive $24.4 billion (£19.9 billion) hit from its move to ditch the firm's near-20% stake in Russian oil producer Rosneft in response to the Ukraine war, leaving it with bottom line replacement cost losses of $15.4 billion (£13 billion).

Bernard Looney, BP chief executive, said: "Today's results show that BP continues to perform while transforming.

"Our people have continued to work hard throughout the quarter helping to solve the energy trilemma - secure, affordable and lower carbon energy.
"We do this by providing the oil and gas the world needs today - while at the same time, investing to accelerate the energy transition."

Climate campaigners Friends of the Earth Scotland said that BP reporting a tripling of quarterly profits shows that the UK energy system is "fundamentally broken".

BP shares were up nearly three per cent in early trading.

Scots law firm makes changes at the top

LAW firm Blackadders has shaken up its leadership team following the election of new managing partners Emma Gray and Ryan McKay.

The Dundee-based firm has appointed new head of private client group Laura McDowall to its board, along with two further partners, Simon Allison (head of employment) and Kirk Dailly (head of corporate and commercial).

Government urged to provide more support to firms after ‘double windfall’

THE UK Government has been urged to do more to support families, businesses and the energy transition as it benefits from a huge leap in North Sea tax receipts.

The call came from Aberdeen & Grampian Chamber of Commerce as it released figures showing offshore operators and licensees have been paying an average of £22.1 million in tax per day since the start of the year.

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