BP's Q2 Profit Surges 78% to $5.7 Billion Despite $1 Billion in Write-Downs

BP reported Q2 underlying replacement cost profit of $5.7 billion, up $2.5 billion from Q1's $3.2 billion, per results published August 4. The 78% sequential gain landed despite roughly $1 billion in impairments — asset value write-downs — flagged in BP's July 14 trading update. BP cited stronger financial performance and balance sheet progress.