BP boosts dividend, buybacks as profit soars

LONDON, Aug 3 (Reuters) - BP said on Tuesday it will lift its dividend by 4% and ramp up share buybacks after second-quarter profits rose to $2.8 billion on the back of higher oil and gas prices, beating expectations.

BP's underlying replacement cost profit, the company's definition of net earnings, reached $2.8 billion in the second quarter, compared with analysts' expectations for a $2.15 billion profit.

That compares with $2.63 billion in profit in the first quarter of the year and a loss of $6.68 billion a year earlier when it took large non-cash charges.