BP Reports Q4 Results

Oil and gas major BP Plc (ADR) (NYSE: BP) today released its fourth-quarter financial results, posting stronger earnings. The company also raised its quarterly dividend.

BP’s net income for the quarter rose 38% to $7.7 billion. The company’s fourth-quarter results benefited from a higher oil price as well a $4.1 billion credit related to settlements reached with other companies linked to the 2010 Gulf of Mexico accident.

The U.K.-based company also raised its dividend for the quarter to $0.08 per share. This is the first time BP has raised its quarterly dividend since it resumed paying money to shareholders last year. BP had stopped its dividend payments following the Gulf of Mexico disaster.

Robert Dudley, CEO of BP, said that the company is on the right path, working to grow value. Dudley said that the company has a relentless focus on safety and risk management and is playing to its strengths, investing in exploration, deep water, gas value chains, giant fields and a world-class downstream, while actively managing its portfolio to grow value.

BP has already kept aside $41 billion to cover costs associated with the 2010oil spill. The company has already paid $7.8 billion to various parties, who were affected by the disaster.

Although the company is in process of selling assets to raise cash for the claims related to the oil spill, it has also pledged to look at new exploration projects, including in deep waters. The company anticipates to drill 12 exploration wells in 2012, which is twice the amount of last year. The company also expects to commence six major upstream projects.

BP’s exploration and production unit reported earnings of $7.6 billion for the quarter, compared with $8 billion reported in the fourth quarter of 2010. Its refining and marketing earnings for the quarter were $564 million, compared with $964 million reported for the same period in the previous year.

More Posts by this author

• 
  Stocks End Marginally Higher as Investors Await Greek Debt Deal
• 
  Stocks Struggle for Direction
• 
  Gold and Silver Prices in Red on Greek Debt Worries
• 
  Stocks Turn Lower in Mid-Day Trading
• 
  Opnext, Inc. – Pleased with the progress made in the flood recovery process this quarter
• 
  Vitesse Semiconductor Corp. – New products will begin to make a larger contribution to revenue
• 
  Cerner Corporation – Delivered outstanding results in Q4 and for the year 2011

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.