Fiona Cincotta, a senior market analyst at www.cityindex.co.uk
The rising oil price has certainly lifted BP's fortunes, though the extent of this bumper profit increase is testament to the company's cost-cutting efforts.
Getting its break-even cost down to $49 a barrel is no mean feat and has helped inspire enough confidence in the outlook to launch a share buyback scheme.
BP has also executed well on new project initiatives, with the giant Khazzan tight gas development in Oman among several developments to get underway this year.
Investors expecting the dividend to rise, though, will have to be patient. As expected, it's remained unchanged at 10c, though the company's improved cost profile positions it well to reward investors more handsomely, should oil prices continue to improve.
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