BP boosts dividend as profits slump on weak oil, gas prices

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LONDON (Reuters) – BP (L:) on Tuesday boosted its dividend payout after a 26% drop in fourth-quarter profit on lower oil and gas prices which still beat forecasts.

On Chief Executive’s Bob Dudley last day in office, London-based BP increased its dividend by 2.4% to 10.5 cents per share.

It reported $2.57 billion in fourth-quarter underlying replacement cost profit, its definition of net income, exceeding forecasts of $2.1 billion in a company-provided survey of analysts.

That was down from $3.5 billion a year earlier but up from $2.3 billion in the third quarter.

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