Vladimír Urbánek (Kurzy.cz)
World markets  |  October 30, 2012 10:12:52

BP 3Q results beat estimates, company raises dividend


The two oil, oil company BP (BP) reported 3Q of this year, the annual net profit growth of 8% to 5.4 mld.USD refinery due to growth in the business sector and new records.

Profit adjusted for non-recurring items reached mld.USD 5.2 against 5.5 in the previous mld.USD 3Q. The market in this respect, expecting profit of 4 mld.USD.

Company production excluding share in the Russian venture TNK-BP project, declined in Q3 by 3% to 2.26 million barrels per day. Production in Q4 is expected to grow after the maintenance of some oil fields. Share in Russian venture corresponded to an average of 1 million barrels per day. BP recently sold his share of Russia's Rosneft for about 27 mld.USD. Part torn BP funds reinvested in the Russian company, which will then own about 20%.

Refining margins in Q3 grew to $ 19.5 per barrel compared to 15.84 in 2Q. The company estimates that each growth margin by $ 1 per barrel increase in gross profit generated by 650 million for the year.

The company's management announced that the company will increase its dividend by 12.5% ??to 9 cents per share. The management said that the process of transformation of the company after fatal oil disaster in the Gulf of Mexico in 2010, is on track to meet the goals set for 2014 and creates solid foundations for setting sustainable growth for the whole next decade.
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