BP Reports 3Q Income Increase. Lifts Dividend by 12.5%

BP today announced its financial results for the third quarter of 2012, reporting underlying replacement cost profit, adjusted for non-operating items and fair value accounting effects, of $5.2 billion, a 40% increase on previous quarter.

The British oil giant also announced an increase in its quarterly dividend to 9c per share – an increase of 12.5 per cent – expected to be paid in the fourth quarter.

“BP’s performance and the strong progress we are making in transforming the company give us the confidence to increase distributions to our shareholders,” said BP CEO Bob Dudley. “We are on track with our strategy to 2014 and are laying the right foundations for sustainable growth during the coming decade.”

BP’s shares rose as much as 5% following the announcement of its financial results this morning.

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Offshore Energy Today Staff, October 30, 2012