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BP hikes dividend after strong fourth quarter

AP via Yahoo! Finance -- BP PLC has raised its quarterly dividend by 14 percent after posting double-digit gains in profit and revenue in the last three months of 2011 despite further big payments to compensate for the disastrous oil spill in the Gulf of Mexico.

BP also said Tuesday that it expects to 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 the three months ending Dec. 31, BP reported a profit of $7.69 billion, up 38 percent from the $5.57 billion posted a year earlier. Revenue was up 15 percent at $96.3 billion.

Replacement cost profit, a closely watched industry measure, was 65 percent higher at $7.6 billion.

"2012 will be a year of increasing investment and milestones as we build on ...

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Submitted Feb 07, 2012 By: brbaritone

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Edpap Champion Author Pennsylvania Posts:1,527 Points:149,000 Joined:Oct 2011	Message Posted: Feb 7, 2012 2:17:51 PM Ignore Edpap Report Abuse The US government needs to take another look at the damage assessments against BP. If we had done this right and charged correctly for all the damage they caused, there is no way they would be handing out dividends this year.
MOREDLEG All-Star Author Missouri Posts:732 Points:259,770 Joined:May 2011	Message Posted: Feb 7, 2012 1:44:06 PM Ignore MOREDLEG Report Abuse Two schools of thought, 1. Buy shares of BP and reap the rewards, contribut to your own wealth by buying BP Gas. Become one of the hated "Speculators" 2. Quit buying BP Gas, Keep bitching, and still pay high gas prices.
doeslayersr Champion Author Illinois Posts:5,806 Points:508,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 1:08:03 PM Ignore doeslayersr Report Abuse Good for all the share holders of the BP stock. Too bad the US Government threw good money after bad down the democrapper hole of the auto companies and on the solar and other green energy scandals. If they had put the money in real energy company stocks, like oil companies, there would be $$$$$$$ rolling into the treasury hand over foot.
md11capt Champion Author Denver Posts:1,778 Points:385,985 Joined:Mar 2011	Message Posted: Feb 7, 2012 12:35:08 PM Ignore md11capt Report Abuse And do BP shareholders thank us for buying their overpriced product?
YaBassa All-Star Author Michigan Posts:589 Points:152,985 Joined:Nov 2011	Message Posted: Feb 7, 2012 12:02:55 PM Ignore YaBassa Report Abuse When they get to deduct cleanup costs as normal business expenses......I'm sure the share holders are thrilled.
kujiyukiyumi Veteran Author Indiana Posts:335 Points:133,115 Joined:Nov 2011	Message Posted: Feb 7, 2012 10:54:51 AM Ignore kujiyukiyumi Report Abuse well and good, let's PENALIZE them more for the Gulf oil spill!
carnifolks Veteran Author New Jersey Posts:354 Points:352,385 Joined:Sep 2006	Message Posted: Feb 7, 2012 10:39:58 AM Ignore carnifolks Report Abuse gulf disaster is behind them
bigmoo63 All-Star Author Kalamazoo Posts:881 Points:56,300 Joined:Nov 2009	Message Posted: Feb 7, 2012 9:14:02 AM Ignore bigmoo63 Report Abuse Profits for a corporate entity...why is anyone surprised? They are all in it the make money. Oil makes the biggest most public money. Electronics companies profits are just as obcene. And that money goes to Asia. Our buying habits have made us the enabler of the world.
dorisntx Champion Author Fort Worth Posts:1,252 Points:333,700 Joined:Apr 2011	Message Posted: Feb 7, 2012 9:13:20 AM Ignore dorisntx Report Abuse ok
mwc407 All-Star Author North Carolina Posts:807 Points:334,340 Joined:Jan 2011	Message Posted: Feb 7, 2012 8:40:54 AM Ignore mwc407 Report Abuse I say it all the time. If you can't beat em, join them. A 14% increase in dividends is pretty darn good - especially if you are the one getting the dividend!
Rockyguitar All-Star Author Tampa Posts:836 Points:871,420 Joined:Sep 2008	Message Posted: Feb 7, 2012 8:39:32 AM Ignore Rockyguitar Report Abuse This calls for a customer appreciation sale!!!
lcleveland Champion Author San Antonio Posts:1,450 Points:331,850 Joined:May 2011	Message Posted: Feb 7, 2012 8:39:23 AM Ignore lcleveland Report Abuse raise the penalty costs
dgerst Champion Author South Carolina Posts:1,020 Points:221,305 Joined:Aug 2008	Message Posted: Feb 7, 2012 8:33:53 AM Ignore dgerst Report Abuse Following the Gulf incident, we did not impose enough fines.
brbaritone Champion Author Virginia Posts:1,241 Points:1,364,300 Joined:Jan 2007	Message Posted: Feb 7, 2012 8:25:15 AM Ignore brbaritone Report Abuse The article continues: " ... 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, restore high-value production and bring new projects on stream." For the full year, BP reported a profit of $39.8 billion compared to a loss of $3.7 billion in 2010; replacement cost profit was $23.9 billion compared with a loss of $4,914 million in the previous year. And as of Dec. 31, the cumulative charges paid from the Gulf Trust fund amounted to $14.5 billion. The hike in the quarterly dividend, to 8 cents per share, is the first increase since BP resumed paying dividends a year ago. "The dividend is still far from the historical heady heights, however, whilst the ongoing fallout from the Gulf of Mexico spill is a distraction," said Richard Hunter, head of equities at Hargreaves Lansdown. "More positively, the fund put aside to finance these claims seems sufficient, whilst further planned divestments will enable BP to focus more strategically on higher growth opportunities." BP shares were up 0.3 percent in early trading in London at 4.91 pounds.