BP's profit surged in the second quarter of 2018 and the oil giant hiked its dividend for the first time in four years.

Underlying replacement cost (RC) profit, a proxy for net income, for the second quarter was $2.8 billion, quadruple the figure for the same period in 2017 and exceeding forecasts of $2.7 billion, according to a company-provided survey of analysts.

The dividend was increased by 2.5 percent to 10.25 cents a share, the first time a hike has happened since the third quarter of 2014.

BP chief executive Bob Dudley spoke exclusively to CNBC's "Squawk Box Europe" Tuesday to discuss the company's forward momentum.

"We changed our strategic direction six quarters ago, this is the sixth quarter in a row we've been at or above expectations. The company's got momentum, it feels good," Dudley said, referencing several new projects driving the company's progress.

BP brought on seven major projects in 2017, as well as three that have been brought online this year in Russia, Egypt and Azerbaijan and another three to go before the year's end.