Derivative properties from equations of state (EoS) are well defined for homogeneous fluid systems. However. some of these properties, such as isothermal and isentropic (or adiabatic) compressibilities and sound velocity need to be calculated at conditions for which a homogeneous fluid splits into two (or more) phases, liquid or vapor. The isentropic compressibility and sound velocity of thermodynamically equilibrated fluids exhibit important discontinuities at phase boundaries, as noticed long ago by Landau and Lifschitz in the case of pure fluids. In this work, the two-phase isentropic compressibility (or inverse bulk modulus) is expressed in terms of the two-phase isothermal compressibility, two-phase thermal expansivity and an apparent heat capacity, defined as the partial derivative of total enthalpy with respect to temperature at constant pressure and composition. The proposed method is simple (simpler than previous approaches), easy to implement and versatile; it is not EoS-dependent and it requires only a flash routine and the expression of total enthalpy at given pressure, temperature and composition. Our approach is applied to a variety of fluid systems representative of reservoir applications and geophysical situations, including petroleum fluids (oil and gas condensate) and mixtures of water and gas (methane or CO2). For low gas content in the two-phase fluid, i.e., near bubble point conditions, we obtain significantly lower bulk moduli and sound velocities than predicted within Wood's conventional approach, in which the liquid and gas phases are considered to be "frozen" at the passage of the acoustic wave. (C) 2009 Elsevier B.V. All rights reserved.