BP's second-quarter earnings more than tripled to a 14-year high as it joined rival Shell in reaping the benefits of soaring oil and gas prices.

The oil giant said core earnings on replacement cost -- its preferred metric -- jumped to $8.5 billion in the three months to June 30 from $2.8 billion a year ago, AP reported.

BP has cheered investors up by increasing dividend payouts to shareholders by 10% and increasing its share buyback plan by another $3.5 billion through the end of September.

Profits are rising as households struggle to pay skyrocketing bills and anger is mounting over huge profits from oil and energy companies following the incredible results from Shell and owner British Gas Centrica last week.

BP also warned that energy prices were not expected to fall over the summer, forecasting that crude oil and gas prices would remain high in the third quarter due to supply disruptions from Russia.