BP Profit Surges on High Energy Prices

U.S. gas prices have hit a record high and are showing no signs of going down. That’s largely because oil companies are no longer incentivized to drill more as oil prices rise. WSJ’s Dion Rabouin explains. Photo composite: Ryan TrefesLONDON— 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 fuel-making margins 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.

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