31 Oct 2012

BP dividend up

8:57 am on 31 October 2012

BP is raising its quarterly dividend by 12.5% despite a fall in profits for the past three months.

Replacement cost profit was $US4.69 billion, down from $US5.27 billion for the same quarter last year.

BP shares rose on Tuesday after the dividend was raised to 9 cents per share.

It is the second rise in the dividend since the disaster in the Gulf of Mexico in 2010.

BP shares were up 4.6% at 444.6 pence in afternoon trade. However, the stock is still down 30% compared to before 2010.

The group has now raised $US35 billion to meet its obligations arising from the disaster.