BP announced a profit rise in the second quarter this year with a 6% rise in its replacement cost profit for the second quarter, which hit US $6.853 Bn, up from $6.488 Bn a year ago.

For the first half of the year the figure was up 23% to $13.441 Bn, from $10.932 Bn a year ago, the major reported today. BP said production was broadly flat at 3.830 Bn boe/d for the second quarter, and 3.871m boe/d for the first half.

Higher profits were again due to higher price realisation for both oil and gas, the group said. Capital expenditure, excluding acquisitions and asset exchanges, was $5.5 Bn for the quarter and for the half year was $12.6 Bn. Total capital expenditure and acquisitions was $5.8 Bn for the quarter and $14.8 Bn for the half year.

Capex, excluding acquisitions and asset exchanges and excluding the accounting for a transaction with Husky, is expected to be around $21-22 Bn for the year. Disposal proceeds were $59m for the quarter and $335m for the half year, said BP.