BP returns to profit but dividend payments still suspended

BP today announced a return to profit in the three months to September after last quarter's record loss, but has not resumed dividend payments to shareholders.

The firm said its replacement cost profit - a key benchmark used by oil companies to reflect the volatility of oil prices - was $1.85bn (£1.15bn) for the period, as against the $17bn loss recorded from April to June. Markets had been expecting underlying net income on a replacement cost basis to be significantly higher, at about $4.5bn. But hopes the company would announce a return to dividend payments were dashed after it said it would only reconsider payments at the time of the full-year results in February 2011. Meanwhile, BP said the cost of the Gulf of Mexico oil spill ha...