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 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.