BP unveils £3.2bn profit

Oil industry giant BP has announced profits of $5.3 billion (£3.2 billion) for the second quarter of this year.

The figures show a stark contrast to the $17 billion loss the company made in the same period last year when it was forced to make pay outs as a result of the massive Deepwater Horizon oil spill in the Gulf of Mexico.

It also took a hit from 11 per cent lower levels of production following the suspension of oil drilling in the Gulf of Mexico and the sale of $25 billion worth of assets to pay for the clean up.

However, this has been offset by higher oil prices as a result of political unrest in Egypt and the Middle East.

It has been reported that investors were hoping for figures closer to £3.7 billion.

Royal Dutch Shell, meanwhile, is expected to announce quarterly profits of £4 billion, an increase of 60 per cent on 2010's figures.