BP on Tuesday moved to address its woes in the US, where some 40 per cent of its assets and staff are based, pledging to spend an extra $1bn over the next four years to restore confidence in its refinery and pipeline operations.

The spending boost, and the creation of an independent advisory board for BP’s US subsidiary, came as the UK oil major announced an almost 23 per cent rise in second-quarter replacement cost profits to $6.1bn. Replacement cost profit strips out inventory effects on oil company income.