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| Oil giant BP reports $3.2bn profits | Oil giant BP reports $3.2bn profits |
| (35 minutes later) | |
| Oil giant BP has reported profits of $3.22bn (£1.92bn) for the first quarter of 2014. | Oil giant BP has reported profits of $3.22bn (£1.92bn) for the first quarter of 2014. |
| The figure is a fall of 23% on the $4.22bn for the same period in 2013, but that quarter included a $12.5bn gain from BP's sale of its stake in Russian venture TNK-BP. | The figure is a fall of 23% on the $4.22bn for the same period in 2013, but that quarter included a $12.5bn gain from BP's sale of its stake in Russian venture TNK-BP. |
| BP's latest profit figure, which strips out the effect of oil price movements, was ahead of forecasts. | BP's latest profit figure, which strips out the effect of oil price movements, was ahead of forecasts. |
| The company also said it would increase its dividend by 8%. | |
| It said it would pay 9.75 cents a share - the second dividend increase in six months. | |
| BP said its first quarter results had been affected by write-offs in its exploration activity, as well as lower production, which it said would edge lower in the second quarter. | |
| Russia sanctions | |
| On Monday the firm said it would not sever its ties with Russian firm Rosneft, in which it owns a 20% stake, despite Rosneft's chief executive being the target of another round of US sanctions. | |
| Igor Sechin is on a list of individuals thought to be in Vladimir Putin's "inner circle", whose assets will be blocked in the US, following Russia's intervention in Crimea and Ukraine. | |
| But BP said it would continue to work with the company, despite the sanctions, which prevent US companies from engaging with those named. | |
| Mr Sechin has said sanctions imposed on him will not affect Rosneft. |