BP turns leaner and meaner

Shares in BP soared after the oil giant ditched billions of dollars-worth of assets and jacked up its dividend.

Oil giant BP announced underlying profits of $3.7bn in the third quarter, down from $5bn a year ago, but ahead of expectations. The drop was largely due to asset sales.

It has ditched $38bn of its holdings to compensate for the cost of its 2010 Gulf of Mexico oil spill. BP announced another $10bn of disposals and said the money would go to shareholders.

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