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| BP profits fall but dividend is raised | BP profits fall but dividend is raised |
| (35 minutes later) | |
| Oil giant BP has reported a fall in profits for the past three months. | Oil giant BP has reported a fall in profits for the past three months. |
| Replacement cost profit, which strips out the effect of oil price movements, was $4.69bn (£3bn), down from $5.27bn for the quarter last year. | Replacement cost profit, which strips out the effect of oil price movements, was $4.69bn (£3bn), down from $5.27bn for the quarter last year. |
| However, chief executive Bob Dudley said the figures showed "strong progress" at BP, which is raising the quarterly dividend by 12.5%. | However, chief executive Bob Dudley said the figures showed "strong progress" at BP, which is raising the quarterly dividend by 12.5%. |
| Mr Dudley added that BP was "on track with our strategy to 2014" and was laying foundations for growth. | Mr Dudley added that BP was "on track with our strategy to 2014" and was laying foundations for growth. |
| The profit figures were helped by better-than-expected margins in BP's refining operations. | |
| He believes the company is entering a new era, as it tries to put the turmoil of the last few years behind it. | |
| BP has signed a major deal with Rosneft to sell its stake in TNK-BP, ending the troubled relationship with its Russian partners in the joint venture. It also re-stated on Tuesday its hope that it can settle civil and criminal claims over the Gulf of Mexico oil platform disaster. | |
| However, BP's statement said: "BP is in ongoing discussions with the Department of Justice and other federal agencies regarding a possible settlement of these claims and whilst it is ready to settle on reasonable terms, a number of unresolved issues remain and there is significant uncertainty as to whether an agreement will ultimately be reached. | |
| "BP has repeatedly said that it is willing to settle on reasonable terms but otherwise continues to prepare vigorously for the start of trial." | |
| The company said it would make a final payment of $860m into the $20bn Gulf of Mexico compensation fund by the end of the year. |