BP hikes divi for first time in four years as profit rises

0 Underlying replacement cost profit for the first half was $5.4bn, up from $2.2bn a year earlier

BP has announced the first rise in its dividend for almost four years as it struck a confident note about its future prospects.

The energy giant increased its dividend by 2.5 per cent to 10.25 cents a share, saying its results had been aided by higher oil prices.

BP’S underlying replacement cost profit for the first half was $5.4 billion (£4.1bn), up from $2.2bn during the same period in 2017.

Bob Dudley, BP’S group chief executive, said: “We contin-

ue to make steady progress against our strategy and plans, delivering another quarter of strong operational and financial performance.

“Given this momentum and the strength of our financial frame, we are increasing our dividend for the first time in almost four years. This reflects not just our commitment to growing distributions to shareholders but our confidence in the future.”

Payouts for the 2010 Gulf of Mexico oil spill were $2.4bn for the six-month period.