BP PLC (LON:BP.) posted solid second-quarter numbers as higher production offset lower oil prices.
Oil and gas production averaged 3.8mln barrels a day or some 4% more than a year ago as four upstream projects were switched on.
Underlying profit was US$2.8bn, little changed from a year ago, while US$8.2bn of cash was generated in the second quarter and US$14.2bn for the half.
Gulf of Mexico oil spill payments were US$1.4bn.
Steve Clayton, manager of the HL Select UK Income Shares fund said: “With a portfolio of new field developments set to come onstream over the next few years, BP should enjoy a period of robust production and cash flow, resulting in bright prospects for the group’s dividend.
“The current quarterly dividend of 10.25 cents per share adds up to a yield of 6.2%.
"With sterling currently weak due to fears over the economic impact of Brexit, BP’s dollar earnings look ever more valuable to UK investors.”
Shares in BP rose 2.7% to 541p.