BP raises dividend as Q3 profit swells 5 percent

LONDON (AP) ? Oil company BP has posted a solid increase in third quarter profits that's allowed it to raise its dividend substantially.

BP says Tuesday that its profit of $5.5 billion more than offset the $1.34 billion loss reported in the previous three months when the company wrote down the value of some assets.

It was also 5 percent higher than last year's equivalent of $5.2 billion. Replacement cost profit, a key industry benchmark, was $4.7 billion, down from $5.3 billion a year earlier.

Revenue of $93.1 billion was also down from $97.7 billion a year earlier.

BP raised its quarterly dividend 12.5 percent to 9 cents per share.

The company booked $59 million in costs related to the Gulf of Mexico oil spill, raising the nine-month total to $882 million.

Source: http://news.yahoo.com/bp-raises-dividend-q3-profit-swells-5-percent-075949502--finance.html

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