Home Business BP reports $3.2 billion profits for 2014 Q1

BP reports $3.2 billion profits for 2014 Q1


BP has reported profits of $3.22 billion for 2014 Q1.

The figure is a fall of 23% on the $4.22 billion for the same period in 2013, but that quarter included a $12.5 billion gain from BP’s sale of its stake in Russian venture TNK-BP.

The oil giant’s latest profit figure, which strips out the effect of oil price movements, was ahead of forecasts.

BP has reported profits of $3.22 billion for 2014 Q1

BP has reported profits of $3.22 billion for 2014 Q1

BP also said it would increase its dividend by 8%.

It said it would pay 9.75 cents a share – the second dividend increase in six months.

BP said its first quarter results had been affected by write-offs in its exploration activity, as well as lower production, which it said would edge lower in the second quarter.

On Monday, BP said it would not sever its ties with Russian company Rosneft, in which it owns a 20% stake, despite Rosneft’s chief executive being the target of another round of US sanctions.

Igor Sechin is on a list of individuals thought to be in Vladimir Putin’s “inner circle”, whose assets will be blocked in the US, following Russia’s intervention in Crimea and Ukraine.

But BP said it would continue to work with Rosneft, despite the sanctions, which prevent US companies from engaging with those named.

Igor Sechin has also said sanctions imposed on him will not affect Rosneft.

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.