BP (NYSE:BP) reported second-quarter underlying replacement cost profit of $5.7 billion, up 78% from the first quarter, as stronger commodity prices, improved refining margins and higher trading performance lifted results. Higher tax expense associated with stronger earnings contributed to the group’s $5.7 billion underlying replacement cost profit. Oil production and operations profit rose by roughly $1.6 billion, reflecting higher liquids realizations, production mix benefits and higher income from equity-accounted entities. During the quarter, bp spent $3.1 billion on capital expenditures, paid $1.3 billion in dividends and used $3.1 billion related to perpetual hybrid bonds, including redemption of $2.9 billion. About BP (NYSE:BP)BP plc is a British multinational integrated energy company headquartered in London.