BP Q1 profits fall 24% while Russia sanctions worry CEO

Oil major BP reported Q1 profits of $3.2bn, compared to $4.2bn in the first three months of 2013.

The company announced a dividend of 9.75 cents per share, a rise of 8% on last year. It also neared completion of its $8bn share buyback programme, with $7.6bn already repurchased for cancellation.  CEO Bob Dudley said: "We expect material growth in operating cashflow, coupled with disciplined investment, to deliver sustainable growth in free cashflow. "This will support increasing distributions to our shareholders. As well as progressive growth in the dividend per share, we expect to use surplus cash to support further distributions through share buybacks or other mechanisms." ...