>> BPs back in the black. Its profit has surged in the second quarter of this year helping the oil giant to turn the corner after the Deepwater Horizon disaster in 2010. Higher oil prices and increased output has seen it quadruple its profit from a year earlier to $2.8 billion.
Leaving its rivals behind in a mixed results season for the world's top oil companies. Reuters George Hay says there has been one key factor for the British firm.>> Well, the main thing that BP has done which most of its competitors like Shell and Exxon failed to do in the second quarter is to actually grow its production.
And that's a pretty simple and obvious thing to do, but it's really helpful at the moment, because oil prices is very high, they're $75 a barrel, much higher than they were last year.>> In a further sign of recovery, BP last week agreed to buy US shale oil and gas assets from global miner BHP Bulletin.
That deal was its first major acquisition in 20 years. It also marked a watershed for the company in the United States. There, BP hopes to finally put behind it the $65 billion fallout from the deadly explosion of its Deepwater Horizon rig in the Gulf of Mexico. It's a combination of the fact that most of the main costs from the Gulf of Mexico spill are now out of the picture, and also the fact that oil prices are recovering and BPs repaired its balance sheet.
So all those three things are definite positives for investors.>> The result means a boost for investors. BP confirming that it'll increase its quarterly dividend for the first time in nearly four years.