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BP raises dividend on forecast-beating $5.2bn profit

BP has raised its dividend by 12.5% on the back of forecast-beating numbers for the third quarter.

 
BP raises dividend on forecast-beating $5.2bn profit

BP has raised its dividend by 12.5% on the back of forecast-beating numbers for the third quarter.

Profit jumped by 40% on the previous quarter to $5.2 billion (£3.2 billion) during the quarter thanks to strong refinining margins. The company’s downstream division also fared strongly, delivering record profit largely due to tight fuel supplies in the US and European markets.

The dividend increase to 9 cents per share is expected to be paid in the fourth quarter.

The group also has the rise in the oil price to thank for its profitability. Replacement cost profit, which strips out the effect of oil price movements, was $4.69 billion, down from $5.27 billion in the previous year.

BP chief executive Bob Dudley is pleased with the company’s progress as it continues to recover from the 2010 Gulf of Mexico oil spill.

Dudley told the market: ‘BP's performance and the strong progress we are making in transforming the company give us the confidence to increase distributions to our shareholders.

‘We are on track with our strategy to 2014 and are laying the right foundations for sustainable growth during the coming decade.’

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