"These results represent the cumulative impact of the progress we've made over the last few years - growth in volume and, equally important, growth in total productivity resulting from the way we work," BP Amoco chief executive officer (CEO) John Browne said in a statement commenting on the results. Adjusted replacement cost profit before exceptional items in the second quarter to June 30 was $3,670 billion, up from $1.367 billion in the same period in the previous year. The latest results are the first to include a contribution from Atlantic Richfield Co.

Analysts polled by Reuters had forecast replacement cost profit before goodwill from acquisitions in a range between $3.3 and $3.5 billion.