BP hikes dividend as Q4 profits soar

UK oil leviathan BP today announced its first dividend hike since it resumed payouts a year ago, after revealing profits had soared in the fourth quarter of 2011.

BP - which is still dealing with the fallout from the oil spill in the Gulf of Mexico in 2010 - said in its update that replacement cost profit had jumped to $7.6bn, up from $4.6bn a year ago. For the full year the group made a replacement cost profit of £23.9bn, compared to a loss of $4.9bn in 2010 when it paid out billions to cover the cost of the spill. The group, which faces a legal trial with contractor Halliburton in the next few weeks, also hiked its dividend by 14% to 8 cents per share for Q4 2011. Delivering the update, chief executive Bob Dudley - who took over from Tony ...