Feb 07 2012 |
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BP Ups Dividend For 1st Time Since Spill, Beats Earnings Expectations
Tuesday, Feb 07, 2012
By Alexis Flynn
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)-- BP PLC ( BP ) Tuesday posted a 14% rise in adjusted net profit for the fourth quarter and said it would raise its dividend after beating analyst expectations.
"2012 will be a year of increasing investment and milestones as we build on the foundations laid last year. As we move through 2013 and 2014, we expect financial momentum will build as we complete payments into the Gulf of Mexico Trust Fund, restore high-value production and bring new projects on stream," said Chief Executive Bob Dudley.
BP said it would raise its dividend 14% to 8 cents a share for the fourth quarter, a rise that mirrors the year on year improvement in adjusted profit. The dividend increase is BP 's first since the Macondo oil spill in 2010.
This was above expectations of $4.88 billion in a Dow Jones Newswires poll of 11 analysts.
BP 's profits were again underpinned by high oil and gas prices and solid, if unspectacular, production figures. While overall output declined 5% from a year ago, volumes improved on a quarterly basis as fewer rigs were left idle for maintenance and repair work.
Total production was 3.487 million barrels of oil equivalent per day, compared to 3.673 million per day a year ago, largely due to the continued impact of a wide-ranging asset sale enacted to help cover the costs of the Gulf of Mexico oil spill. Analysts had expected production to fall to 3.452 million boe/day.
The London-based energy giant said net profit for the three months ended Dec. 31 was $7.69 billion, compared with $5.57 billion for the fourth quarter of 2010.
Total revenue for the quarter was up at $96.34 billion from $83.99 billion in the same period in 2010.
Diluted earnings per share were 39.99 cents compared with 29.28 cents the previous year.
BP shares ended Monday at 489 pence. The stock, which lost half its value in the aftermath of the spill, is still nearly a third lower than it was before the crisis as investors continue to price in the huge liabilities the company is expected to face.
-By Alexis Flynn, Dow Jones Newswires; +44 (0)20 7842 9317; alexis.flynn@dowjones.com
(END) Dow Jones Newswires
07-02-12 0743GMT
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