UK-supermajor BP has reported second-quarter underlying profits of $8.45 billion, up from $6.25 billion in the previous three months and up from $2.8 billion a year earlier, also raising its dividend by 10% and unveiling $3.5 billion of new share buybacks.

The earnings result, BP's best since 2008, came on the back of high commodity prices, strong refining margins and "exceptional" performance in its oil trading unit, the London-headquartered company said.

"BP continues to build a track record of delivery against its disciplined financial frame, which remains unchanged," said chief financial officer Murray Auchincloss.