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BP's Q2 Income Rose 1.5 %

BP Plc, Europe's second-largest oil company, said net income in the second quarter rose 1.5 percent

BP Plc, Europe's second-largest oil company, said net income in the second quarter rose 1.5 percent, boosted by record gasoline prices and the sale of a U.K. refinery, Bloomberg reported.

Net income climbed to $7.38 billion, or 38 cents a share, from $7.27 billion, or 36 cents, in the year-earlier period, the London-based company said today in a statement. Profit excluding one-time items and inventory changes beat estimates for the first time in a year.

Chief Executive Officer Tony Hayward, who took over from John Browne on May 1, surmounted refinery disruptions at plants in Texas and Indiana to earn more from processing crude into fuels. BP said it expects full-year production to be in line with earlier forecasts, with output starting at fields such as Rosa in Angola.

Shares of BP have risen 5.7 percent so far this year. BP stock was down 0.3 percent at 599.5 pence as of 10:55 a.m. in London.
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