BP reports quarterly profit of $5.3bn.

BP made profits of $5.3bn (£3.2bn) in the three months to 30 June as higher oil prices offset lower production.

The replacement cost profit compares with a loss of $17.0bn in the same quarter of 2010, when the company took a big charge relating to the oil spill in the Gulf of Mexico.
In the first quarter of 2011, BP made a profit of $5.5bn.
BP has paid $6.8bn in damages to firms, individuals and government departments since the oil spill.
BP's oil production was 11% down on the same period of 2010 as a result of the suspension of drilling in the Gulf of Mexico.
It has also sold $25bn worth of assets, partly to pay for the clean-up operation in the Gulf.
But the effects of the lower production were offset by the higher oil price, which was inflated by political unrest in oil-producing countries such as Libya.
Continuing clean-up An explosion at the Deepwater Horizon rig in April last year killed 11 people and caused a massive oil leak.
In an update on the clean-up operation, BP said it had continued limited work to clean some marshes and barrier islands, having finished its work on the coastline in the previous three months.
The company is pursuing some of the other companies involved with the Macondo oil well to try to secure contributions to the amounts it is having to pay out in damages and clean-up costs.
In April, BP sued Transocean, the owner of the oil rig that exploded, for $40bn in damages.
It has also sued Cameron International, the company that supplied the blowout preventer, alleging the device failed to stop the huge oil spill that followed the explosion.
In May, BP reached a settlement with MOEX Offshore, one of the owners of the Macondo well, which paid $1.065bn towards the trust that is paying out damages.

Posted in: business