BP has revealed it increased profits as it focuses more closely on oil and gas developments.

The oil giant said its underlying replacement cost profit rose to nearly $2.8bn (£2.1bn), up by 6pc on the same period last year, as its new chief executive Murray Auchincloss focuses on fossil fuel developments.

The company announced a $1.75bn share buyback for the second quarter and committed to announcing $3.5bn of share buybacks for the second half of the year as it seeks to support “growing returns for shareholders”.

Last month the company decided to push ahead with investment in the deepwater Kaskida development in the Gulf of Mexico and it has announced “scaling back plans for new biofuels projects”.

In June, it emerged that it has put all new offshore wind projects on pause as its new chief The move follows investor discontent over the company’s switch to green energy.

Mr Auchincloss, who became permanent head of the business at the start of the year, has also frozen hiring in the offshore wind division.

Announcing today’s results, he said: “We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025. 

“Our recent go-ahead of the Kaskida development in the Gulf of Mexico business, and decision to take full ownership of bp Bunge Bioenergia while scaling back plans for new biofuels projects, demonstrate our commitment to delivering as a simpler, more focused and higher value company. 

“This all supports growing returns for shareholders, as we have announced today.”

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