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34. BP to Pay Higher Dividend as Profit Beats Estimates on Refining

Tue Oct 28, 2014, 07:30 AM

Oct 2014

http://www.bloomberg.com/news/2014-10-28/bp-third-quarter-profit-falls-19-dividend-at-10-cents-a-share.html

BP Plc (BP/)’s quarterly profit beat estimates as underlying production increased and refining margins improved at Europe’s third-largest oil producer. The shares gained after the company announced a higher dividend.

Net income adjusted for one-time items and inventory changes fell 19 percent to $3 billion in the third quarter ended Sept. 30 from $3.7 billion a year earlier, the London-based company said today in a statement. That beat the $2.93 billion average of 14 analyst estimates compiled by Bloomberg. BP will pay a dividend of 10 cents a share for the quarter, a 5.3 percent increase from a year earlier.

These are “good results from BP driven by better-than-expected capture of third-quarter downstream,” Sanford C. Bernstein & Co. said today in a note.

BP’s underlying oil and gas production, excluding Russia, rose 4.1 percent in the period, the company said. Reported production fell 2.7 percent as a concession in Abu Dhabi ended. The company’s refining marker margin, a generic measure of profitability, rose to $15.60 a barrel from $13.60 a barrel.

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