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BP raises dividend as Q3 profit swells 5 percent

BP raises dividend as Q3 profit swells 5 percent

Oil company BP has posted a solid increase in third quarter profits that's allowed it to raise its dividend substantially.
BP says Tuesday that its profit of $5.5 billion more than offset the $1.34 billion loss reported in the previous three months when the company wrote down the value of some assets.
It was also 5 percent higher than last year's equivalent of $5.2 billion. Replacement cost profit, a key industry benchmark, was $4.7 billion, down from $5.3 billion a year earlier.
Revenue of $93.1 billion was also down from $97.7 billion a year earlier.
BP raised its quarterly dividend 12.5 percent to 9 cents per share.
The company booked $59 million in costs related to the Gulf of Mexico oil spill, raising the nine-month total to $882 million.


Updated : 2021-07-26 01:18 GMT+08:00