BP Profit Surges on High Energy Prices

LONDON—BP PLC was the latest oil major to cash in on the highest energy prices in more than a decade, reporting strong second-quarter profit helped by higher margins on fuel production and oil trading.

London-based BP said Tuesday its underlying replacement-cost profit, a metric similar to net income that U.S. oil companies report, was $8.5 billion. That compared with a $6.8 billion average projection of 28 analysts compiled by BP and $2.8 billion in the year-ago period.

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