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News Summary: BP profits surge on Russia JV sale

The Associated Press

RUBLE REWARD: BP's sale of its Russian joint venture helped it more than triple first-quarter profits, as the British oil giant continues to bounce back from the catastrophic 2010 Gulf of Mexico oil spill.

PROFIT GUSHER: Replacement cost profits, similar to net profit figures used by U.S. oil companies, rose to $16.5 billion from $4.7 billion for the same period last year, largely reflecting a gain from the sale of its stake in TNK-BP.

BIG BUYBACK: BP said last month that it will buy back $8 billion of its shares using proceeds from the sale of the Russian joint venture.