BP gets lift from higher oil prices and increased production

The company said Tuesday that underlying replacement cost profit, the industry’s preferred gauge of earnings, rose to $3.48 billion from $2.11 billion in the same period a year earlier. The figure excludes one-time items and fluctuations in the value of inventories.

Net income increased 28 times to $766 million.

BP’s production increased 1.8 percent 2.63 million barrels of oil equivalent per day.