BP profit more than doubles in second quarter

BP reported a sharp rise in secondquarter profit, with underlying replacement cost profit reaching $5.7 billion for the ApriltoJune period. The result beat analyst expectations and was up from $2.35 billion a year earlier, as oil and gas prices increased during the conflict between the U.S. and Iran. The company said higher commodity prices and stronger performance across its businesses supported the quarter. BP also raised its dividend by 4% and reduced net debt to $22.25 billion from $25.3 billion at the end of March. BP chief executive Meg O'Neill said the company is focusing on reliability and operations as it navigates a volatile market. BP also said it has begun the process of marketing Archaea Energy for a possible sale as part of its broader effort to simplify its business and concentrate on oil and gas.