BP raises dividend after strong quarter

London:  BP has raised its quarterly dividend by 14 per cent after posting double-digit gains in profit and revenue in the last three months of 2011 despite further big payments to compensate for a disastrous oil spill in the Gulf of Mexico.

BP also said yesterday it should complete payments to the Gulf of Mexico Trust Fund this year to cover its liability for damage from the massive blowout of the Macondo well in April 2010.

For three months ending December 31, BP reported a profit of $7.69 billion (Dh28.2 billion), up 38 per cent from $5.57 billion posted a year earlier. Revenue was up 15 per cent at $96.3 billion. Replacement cost profit, a closely watched industry measure, was 65 per cent higher at $7.6 billion. "2012 will be a year of increasing investment and milestones as we build on the foundations laid last year," said CEO Bob Dudley. "As we move through 2013 and 2014, we expect financial momentum will build as we complete payments into the Gulf of Mexico Trust Fund."