BP hikes divi as profits jump

Oil titan BP has announced a 14% increase in its quarterly dividend, the first rise since the company resumed payouts a year ago, in the hope that it can put the 2010 Gulf of Mexico (GoM) oil spill behind it.

The company announced that replacement cost (RC) profit was $7,606m in the fourth quarter of 2011, taking the full-year figure to $23,900m, compared with a loss of $4,914m in 2010.

"2012 will be a year of increasing investment and milestones as we build on the foundations laid last year," said Chief Executive Bob Dudley.

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"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," he said.

BC